Investment Philosophy

Our enduring investment philosophy underlies a 40+ year record of superior returns. We seek to:

Balance Safety and Growth to protect principal and generate superior returns over time.

Adhere to our Undervalued Growth Discipline for selecting growing companies at reasonable valuations.

Focus on High-Quality Companies which have sustainable competitive advantages, demonstrated profitability, low debt, and ethical management with long-term orientation.

Gain Exposure to International Growth by investing in multinational companies with long histories operating overseas and the capacity to extend their global reach into emerging regions.

Maintain Concentrated Diversification by investing in a limited number of exceptional businesses, which we understand and follow closely, across a range of attractive industries.

Own Companies for the Long Run to compound capital on a tax-deferred basis and avoid market timing.

Warren Buffett, on “value” vs. “growth” investing: “In our opinion, the two approaches are joined at the hip: Growth is always a component in the calculation of value.” Berkshire Hathaway Shareholder Letter, 1992