Investment Philosophy

We believe inefficient markets routinely misprice securities. Our investment experience suggests:

Irrational market behavior

repeatedly pushes asset

prices above or below the

value of the cash flow they

generate, especially for

underfollowed companies.

Future cash flows of a

business are inherently

uncertain, but deep fundamental research can confidently estimate a range of intrinsic value for its underlying securities.

A disciplined investment process can continually generate attractive returns and preserve capital by acquiring securities with a Margin of Safety below what we believe to be their worth.

We aim to achieve significant capital appreciation and capital preservation by constructing a concentrated, high conviction portfolio of undervalued securities through a disciplined and repeatable investment process.