Investment Philosophy

• We believe that:
  • in the short run, market prices can be inefficient, but…
  • in the long run, market prices become efficient.
• We also believe that over time, market prices will reflect either:
  • the normal cash generating capability of a company, or
  • the value of the underlying assets of a business.

By doing deep fundamental research and analyzing a company’s cash flow and/or assets, we seek to make long term investments in securities that sell either at a meaningful discount to the value of their future cash flows or to their net asset value.