Business and Management

Our research is focused on businesses we believe we can understand and for which we can create long-term valuation models.We avoid a business if the uncertainty of future industry and competitive conditions are so extreme as to preclude a reliable estimate of prospective cash flows.

Companies that have compiled superior records generally possess competitive advantages. We seek to identify and understand these advantages and access their durability.

We strive to partner with capable and shareholder-oriented management teams as demonstrated by management’s historical actions and communications.