Investment PHILOSOPHY

WE ARE INVESTORS

We analyze securities as businesses not pieces of paper to trade.

MARGIN OF SAFETY

We determine our own business value for each investment and make a purchase only when the price appears low in relation to the value of the total enterprise.

CIRCLE OF COMPETENCE

We stay within our circle of competence, investing only in businesses in which we have a high conviction that we understand and can properly assess.

TEMPERAMENT

We believe temperament is the most important attribute for successful investing and we strive to take advantage of market extremes.

"The margin of safety is always dependent on the price paid.  For any security, it will be large at one price, small at some higher price, nonexistent at some still higher price."  -Benjamin Graham

"When there's nothing clever to do, the mistake lies in trying to be clever....patient opportunism...waiting for bargains...is often your best strategy."  -Howard Marks