Investment Philosophy

Return on invested capital, earnings power, and cash flow drive the intrinsic value of a company.

Beyond the Numbers: Successful long-term investing resides in knowing and understanding the qualitative differentiators:
     Stalwart Management: skilled and honest management teams drive value through strategy execution, effective
                                              capital allocation and proper shareowner alignment.
     Competitive Advantage: companies with sustainable business models and economic moats.

Organic:
Invest in companies capable of generating internal growth regardless of the economic environment.
Patient:
Own high-quality companies for long time periods, creating significant value through the compounding of capital. 

Focused:
Portfolios should be focused in companies (25 - 35) with the best risk-adjusted return potential.