How We Invest

We believe there are two key skills required for consistent success in investing: valuing businesses and assessing risks. Our process begins with thoughtful, independent research to calculate a fair value estimate for each business we analyze.

Risk management is the foundation of our investment framework. We embed practical risk assessments at every level of our investment process, starting at the individual security level and extending to the construction of the portfolio.

We look to build a portfolio that offers favorable exposures to different idea types, style box attributes, return factors, market caps, industries, geographies, and security types. We work to avoid owning a portfolio that is excessively correlated to broad market, thematic, or factor risks.


We are value investors.  We spend our time looking for undervalued securities that offer a margin of safety against permanent capital loss.


Our goal is to earn equity-like returns over a full market cycle with lower risk and superior reliability.


Our strategy allows us the freedom to search for undervalued and mispriced securities wherever they may be found.

Portfolio Structure

Our portfolio is concentrated in our best ideas, but not so concentrated that performance is dominated by the outcome of one or two large positions.

We strive to have enough ideas such that longer term performance has a better chance to reflect the quality of our decisions rather than luck or timing


Our process is research driven and disciplined. We maintain an active watchlist and exploit opportunities to buy assets at discounted prices.

Individual Ideas

We look for investment ideas that align with our philosophy and contribute to the portfolio’s overall ability to achieve its goals.