Philosophy

We are disciples of Graham, Fisher, Buffett and Munger. Our investing philosophy is rooted in Graham’s observation that “investment is most intelligent when it is most businesslike". There are four key tenets to our philosophy:

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• A stock is not a piece of paper but an ownership interest in a business.

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• The future prospects of a business are highly uncertain and difficult to predict.

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• In order to compensate for this uncertainty, we demand a large margin of safety represented by the price we are willing to pay for a business.

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• The market is our servant not our master - it exists to facilitate our purchases of pieces of businesses.

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We are interested in understanding the variables that fundamentally impact a business in the hope of finding securities that are undervalued by the market.