
Active Management
We build a differentiated and concentrated portfolio of well-researched individual stocks and bonds that we believe present the least downside risk and offer the greatest upside potential.

Research-Driven Process
We find and research investments using an intensive process that emphasizes deep knowledge of the underlying business and vigorous debate among our investment team to identify all potential risks, vet each investment thesis and accurately value the underlying business.

Intrinsic Value Approach
We buy minority ownership positions in publicly-traded corporations only when the market price is significantly below the estimated value of the underlying business.

Long Term Focus
We seek to deliver attractive absolute returns over a complete market cycle, rather than to perform relatively better than a given index during any particular interim period.