Investment Principles
The fundamental purpose of financial markets is to provide for the efficient allocation of capital to
businesses which create wealth and opportunity. Our goal is to align the interests of our clients with
those outcomes while minimizing the risks inherent in every investment. Therefore, all our decisions
are guided by the following principles:
businesses which create wealth and opportunity. Our goal is to align the interests of our clients with
those outcomes while minimizing the risks inherent in every investment. Therefore, all our decisions
are guided by the following principles:
Invest for the purpose of achieving superior total return over the long run.
Emphasize companies with iconic business franchises and enduring competitive advantages -- producing consistent and superior growth of profits and dividends along with high and sustainable returns on capital.
Minimize risk by making individual stock purchases at market prices below our appraisal of the company’s intrinsic value and by holding a portfolio of companies which, as a group, increase their intrinsic value year-after-year regardless of economic conditions.
Invest in companies with proven managers who treat shareholders like partners.
Exercise patience, discipline and independent judgment.
Emphasize companies with iconic business franchises and enduring competitive advantages -- producing consistent and superior growth of profits and dividends along with high and sustainable returns on capital.
Minimize risk by making individual stock purchases at market prices below our appraisal of the company’s intrinsic value and by holding a portfolio of companies which, as a group, increase their intrinsic value year-after-year regardless of economic conditions.
Invest in companies with proven managers who treat shareholders like partners.
Exercise patience, discipline and independent judgment.
