We believe that investors deserve the best possible chance to prosper from their ownership of stocks and bonds, and everything we do is designed to maximize the chances of a positive outcome from every investment we make. We believe that starts with the determination, discipline and effort required fully to understand the true nature of the investments we make, and to articulate a thesis about each opportunity. We make every decision on your behalf keenly aware that ours is a sacred responsibility, and we put our own assets on the line, personally owning the very same investments that we make for you.
We may be fairly described as “deep value” investors. We make every effort to eliminate hope from our analysis, we eschew the madness of the crowd, and we refuse to buy into themes, markets or individual ideas that have no fundamental underpinning in math and common sense. We seek to capitalize on the out-of-favor, the overlooked, even to seek adversarial value when analyzing companies and sectors; because we believe in the ultimate efficiency of the markets as “weighing machines”.
What to Expect
Periods of “irrational exuberance” can be frustrating for our clients, because they may feel left off the party list. As an example, we simply won’t pay 30 times earnings because we don’t want to bet on a very narrow range of potentially positive outcomes. We seek to invest in real companies that make real things, and that are offered for attractive prices. We believe our approach can provide a significant “margin of safety”—some protection during corrections and bear markets. Whether we are the core of your investment strategy or a part of a broader allocation, we will focus on opportunities that we understand and that are trading well below their intrinsic value.