Investment Discipline

Our investment discipline is grounded on the conviction that a sound risk management program is the main driver in achieving attractive, long-term investment results. We concentrate our attention on the variables within our control rather than spending our time on those variables beyond our control, such as the outlook for the overall market in the next six months or the future level of interest rates.

We believe in owning quality companies, run by shareholder-friendly management teams, purchased at discounted prices to our estimates of their true values.

An array of research tools are used to identify leading companies within our circle of competence.

This involves a three-step process of identifying companies to monitor, placement on a prospective buy list, and a comparative analysis of other securities.

Our decision to sell a security requires as much thought and research as went into purchasing it. Primarily, there are five reasons why we choose to sell a position.