Our Investment Philosophy

Simple: buy good businesses when they go on sale. We require five characteristics before we invest:

  • Low price relative to the company’s normal earnings power
  • Current earnings are below normal
  • Management has a sound plan for earnings recovery
  • The business has a history of earning attractive long-term returns
  • There is tangible downside protection

Building a portfolio exclusively focused on companies with these characteristics should generate excess returns for long-term investors.