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
