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Philosophy


Value • Discipline • Conviction • Patience

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Philosophy


Value • Discipline • Conviction • Patience


Value

Apply fundamental analysis to identify deeply discounted opportunities with high margin of safety

Patience

Remain patient for opportunities & nimble at execution

Conviction

Concentrate capital into 10-15 best ideas

Discipline

Capitalize on contrarian ideas with multi-year time horizon

“We’re trying to find outstanding assets at distressed valuations… Sometimes you find a really great business in a bad environment.”

– William Strong

“The stock market is designed to transfer money from the active to the patient.” 

 – Warren Buffet

"It wouldn’t be fair to our customers if we had to spread our ideas too thin. There aren’t that many great companies.”

– Bill Ruane

“In the short run, the market is a voting machine; in the long run it is a weighing machine.”       

– Ben Graham

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Strategy


Strategy


Present focus for identifying outstanding publicly-traded businesses

  • Lowest-cost resource developers with long runway of profitable reinvestment opportunities
  • Service companies with high barriers to entry and unique offering able to generate exceptional returns over commodity cycles
  • Infrastructure developers and technology leaders in an evolving market

Partner with owner-managers offering proven track record

  • Skilled managers with aligned interests create long-term value

Evaluate target company strategy inside-out

  • Company financials only give a partial, backward-looking picture
  • Envision and stress-test diverse internal and external scenarios
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Process


Scalable • Repeatable • Improving over time

Process


Scalable • Repeatable • Improving over time

process
risk-guidelines

Ongoing monitoring and adjustments for industry / environment.