Investment Philosophy

We are domestic equity investors with a bias toward long-term investing. We seek superior returns without undue risk to capital. Our focus is on undervalued companies with strong management, strong free cash flow, and a shareholder orientation. Independent research, personal relationships with management teams and investment discipline have allowed us to generate superior investment results over the past decade.

Investment Strategy: Primarily U.S. equities. Long only. No leverage or derivatives

Investment Objective: Long-term growth of capital and capital preservation.

Diversification: Generally hold 15 to 25 stocks per portfolio with no more than a 5% concentration in any one security. These amounts may vary depending on the circumstances.

Research: Independent research focused on bottom-up company analysis.

Our targeted investments are companies with the following attributes:

  • Operating in industries that we actively follow and believe we understand well; for the most part, industries that we have been involved with throughout our careers.
  • Sustainable, industry-leading market positions generating significant cash flow.
  • Restructurings, reorganizations or other turnaround situations where we know the management team, understand the industry, and feel the market is incorrectly pricing the opportunity.