We are value investors, rigorously searching financial markets seeking to uncover hidden “treasure”, i.e., financial securities which have been overlooked or misunderstood by other market participants and have thus been mispriced relative to the security’s underlying value. We believe that at the core of a true value investing philosophy is the minimization of permanent capital loss. As value investors, we seek to minimize capital loss by only purchasing securities at prices substantially below their underlying value. This difference between value and price is what value investors refer to as a “margin of safety”. We are also patient investors. We think of investment outcomes in terms of years, not months or quarters. We feel that a true value investing approach has little representation among institutional investment management firms, and we are pleased to offer such an approach to our clients.