Investment Philosophy

We view ourselves as owners of businesses

• Independent research of a company’s business, industry supply/demand, competitive positioning and management yields appraisal value
• Market inefficiencies present numerous opportunities to identify quality businesses that we believe are mispriced

We predicate our intensive, original research on:

• Bottom-up, fundamental analysis to gain a thorough understanding of a company’s business and valuation
• A global perspective to enhance understanding of markets and companies
• A long-term investment horizon to allow for inherent value to be realized
• Value as a prerequisite, not a philosophy
• Industry-tailored valuation metrics to assess distinct industry characteristics and success drivers