Our Approach
Research-Driven Investing with a Long-Term View
Our approach combines independent research, conservative valuation, risk discipline, and patience.
Process Overview
Search
We look for overlooked, misunderstood, or mispriced opportunities.
Understand
We study the business, industry, economics, assets, risks, and potential outcomes.
Value
We estimate value using multiple methods and conservative assumptions.
Wait
We act selectively and remain patient when attractive opportunities are scarce.
Monitor
We continually reassess value, risk, opportunity cost, and portfolio-level exposure.
Independent Research
We do our own work.
Our diligence may include annual reports, proxy filings, earnings call transcripts, industry research, and communication with companies, customers, suppliers, or competitors.
Risk Management
Risk means permanent loss of capital.
We define investment risk primarily as the permanent loss of capital, rather than short-term price volatility. Our process seeks to manage risk through margin of safety, diversification, conservative valuation, and patience.
Conservative Valuation
Valuation is a range, not a single number.
We use conservative assumptions, multiple valuation methods, and scenario analysis, with particular attention to downside outcomes.
Portfolio Discipline
Selectivity, conviction, and opportunity cost.
We manage decisions at the portfolio level, balancing conviction, diversification, opportunity cost, and the risk of permanent capital loss.