Core Principles – ARS

Institutional Investors

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.