A CONSERVATIVE-GROWTH STRATEGY  

• Invest for the purpose of achieving superior total return over the long run.  
  
  

• Minimize risk by holding a portfolio of companies which collectively increase their value independent of macroeconomic conditions.  
  
  

• Make individual stock purchases at market prices below our appraisal of the company’s intrinsic value.  
  
  

• Emphasize companies with:

  - Consistent and above average earnings   growth,

  - A superior business franchise providing high and sustainable returns on capital, and

  - Proven managers in partnership with owners.

• Exercise patience, discipline and independent judgment.