GENERATING DIFFERENTIATED OUTCOMES

OUR MISSION

To create value for our investors
by generating risk-adjusted returns
that exceed the opportunity cost
of investing in a passive index.

We invest exclusively in wide-moat
businesses that compound free cash flow,
possess the opportunity to produce
high returns on invested capital,
and trade at a significant discount
to their fair value.

OUR BELIEFS

Capital preservation is
equally important as appreciation

Stock prices follow intrinsic value
over the long term

Intrinsic value is created when returns
exceed the cost of capital

Sustaining excess returns on capital
requires durable competitive advantages

OUR VALUE

Conviction to be different uncovers
variant perceptions

Consistent and repeatable process-oriented
investment framework

High-conviction and
patient portfolio construction

Owner-oriented culture
incentivizes long-term outcomes

“If you want to have better performance than the crowd,
you must do things differently from the crowd.”
~ Sir John Templeton

HOW WE ARE DIFFERENT

OUR INVESTMENT PROFESSIONALS

Silas Myers
SILAS A.
MYERS, CFA


CEO, Partner
Portfolio Manager/Analyst

Brian Massey
BRIAN L.
MASSEY, CFA


President, Partner
Portfolio Manager/Analyst

Josh Honeycutt
JOSHUA J.
HONEYCUTT, CFA


Partner
Portfolio Manager/Analyst

Jeff Prestine
JEFFREY B. PRESTINE


Partner
Portfolio Manager/Analyst