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 evaluate their long-term durability.

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