1. Safe Assets

We will only invest in securities that are well-capitalized, run by competent and honest management teams, understandable, have established and leading franchises and operate in sound political and regulatory environments.


2. Concentrated Portfolios

We invest in a handful of high quality assets ensuring adequate diversification but avoiding a common investment error, over-diversification. This allows us to invest in our best ideas and stay current with each investment.


3. Medium to Long-Term Holding Period

We make investments based on a 3-5 year holding period, although our ideal holding period is “forever”. Having a longer holding period allows us to focus on the true fundamentals of a security rather than trying to time short-tem price movements. For taxable accounts, lower turnover (longer holding periods) increases the tax efficiency of client portfolios.


4. Margin of Safety Prices

We will only invest in securities when they are trading at a discount to their intrinsic value and have the potential for attractive growth in the value of the security over the next 5 years. This helps to mitigate investment price risk and increase our long-term rates of return.


5. Understand the Current Economic Environment

We believe that in order to maximize the value of your investments one has to place each investment opportunity in the context of the current economic environment. Bottom up investing in quality securities of great businesses cannot ignore the top down macro conditions!

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