Meet the Team
Methodology

Our investment approach

We approach listed equities as ownership interests in businesses. Our decisions are grounded in fundamental research, an assessment of intrinsic value and a long-term perspective.

Foundational Pillars

Four principles of capital allocation

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03
04

Understand the business

Identify durable advantages

Require a margin of safety

Invest with focus

We study a company’s financial performance, business model, management and competitive position to understand how it creates value and the risks it faces.

We seek businesses with economic moats: competitive advantages that can support their position and earning power over time.

A strong business is not necessarily an attractive investment at any price. We compare market prices with our assessment of intrinsic value and seek a margin of safety.

We build a concentrated portfolio around our strongest investment convictions. Avoiding permanent loss of capital remains central to our decisions.