For more than 30 years, we have built our business on the quality of our research and long-term investing.
Long-term perspective allows us to think differently
- We look beyond short-term volatility and market unpredictability
- We focus on a company’s opportunities over the next five years
- We think like the owner of a business
Independent and exhaustive research is essential to understanding a business
- We analyze businesses with the intention of owning them for an extended period
- Our research gives us a knowledge advantage
- We develop industry expertise
- We invest in businesses, not stocks
People are the key drivers of a successful business
- We seek to invest with managements who have integrity, a long-term vision, and whose interests are aligned with their shareholders
- We invest in people, not just buildings
Successful growth businesses have open-ended opportunities and defensible niches
- The companies in which we invest typically benefit from innovation, change, government initiatives, or economic trends
- Substantial competitive advantages and barriers to entry are critical
Purchase price matters
- We buy growth companies using a value-oriented purchase discipline
- Our valuation criteria are based upon what we believe a business can earn in three to five years
- Investment opportunity is created when a company’s growth prospects are not recognized or the stock is mispriced
Research and risk management are continuous processes
- We conduct rigorous research throughout the life of an investment
- We manage risk at the individual investment and portfolio levels