Public equity investing with a private equity mindset

We study and invest in a business as if we are going to own it entirely, even though we are only buying a fractional share of it.
Superior Economics
We seek companies with stable demand, limited competition, high barriers to entry, and abundant growth opportunities. These characteristics enable a company to produce high returns on capital and generate strong free cash flow.

Exceptional Management
We search for companies being run by highly skilled operators and wise capital allocators.

Discount to Intrinsic
We purchase companies when they trade at least one third less than our estimate of intrinsic value.

Discipline
We will not waver in the application of our value investment strategy, nor will we be influenced by market fads.
Research Intensive
We place significant emphasis on researching and understanding our companies, as well as their industries and management.

Low Turnover
We invest with a long-term investment horizon. This minimizes transaction costs and maximizes tax efficiency.

Special Situations
We may also invest in businesses whose core investment attribute is extraordinary undervaluation.