Research Philosophy

A Business-Like Investment Approach

What Do We Look For?

Good Businesses
Good Management
Attractive Purchase Prices

What Do We Want to Know?

Understand The Business
Meet and Evaluate Key Managers
Consider Competitive Position
Appraise Strengths and Weaknesses

How Do We Go About It?

Personal Investigation by Decision Makers
Consider Relevant Information as Subset of Data
Include Customers, Suppliers, Competitors
Accumulate Knowledge and Contacts Through Continuity

What is The Outcome?

Focused Portfolios of 20-30 Best Ideas
Comprehensible Businesses
Competitive Advantage and Growth Opportunities
Sizable Discount to Intrinsic Value