Core Principles

We believe...

  • … securities trade in an auction market that has inherent inefficiencies.
  • … opportunities to make successful investments in good businesses and managers exist regardless of market direction.
  • … most of the best investments are accompanied by higher levels of discomfort when initiated.
  • … there is often an inverse relationship between the popularity of a security and its value.
  • … undervalued companies with identifiable earnings growth catalysts offer significant absolute returns without excessive risk.
  • … investment risk is viewed as overpaying for a business or incorrectly projecting its future earnings.
The Latest Outlook & Insights