Philosophy

Philosophy, Process and People
create long-term value

A focused team with an owner’s mindset
driving high conviction ideas is key to sustainable performance

Investing In Businesses We Understand
- We view investing as taking partial stakes in businesses, and therefore direct our efforts towards understanding
  business fundamentals and secular trends
- We acknowledge our Circle of Competence, and seek to expand it over time
Investing In people with aligned beliefs
- We believe trust is crucial in all partnerships
- We believe trust is built on aligned beliefs and the ability to execute those beliefs
Investing at a discount to Intrinsic Value
- We view Intrinsic Value as the possible range of cash flows generated over a business’s life cycle. We only invest when we can estimate Intrinsic Value
- We view Price is the most important indicator of risk, and look for a Margin of Safety to our estimate of Intrinsic Value before we invest