We are long-term business owners.

We believe the most reliable way to invest is to carefully evaluate the long-term prospects of the businesses behind stocks.

Our objective is to avoid the permanent loss of capital while maximizing the increase in long-term, after-tax purchasing power of our funds. Put another way, we aim to build an indestructible long-term compounding machine.

Our strategy is developed and implemented using the following principles as guidelines:

• Think independently.

• Invest with a margin of safety.

• Make fewer, better, decisions.

• Act like long-term business owners.

• Fish where the fish are.

• Profit from patience.