Investment Philosophy

Strong performance is rooted in a sound investment philosophy, independent research and a disciplined process.



Biases and emotion affect us all. We take our time, consider the facts; pick apart the evidence for and against, and then we act. We focus on objective and fundamental data rather than noise. It’s a disciplined process that we diligently follow because, in a confusing and volatile world, it helps us generate results in a consistent and repeatable manner. 


You can't take the same actions as everyone else and expect to outperform. We’re obsessive about research and we hire people who share that obsession: independent thinkers not beholden to conventional wisdom. Being different sometimes leads to underperformance, but over time, our portfolios outperform. We know the best investment decisions and returns are made when the consensus is uncomfortable and doesn’t mirror the index. 


We know that every investment has both an upside and a downside. Our investments are well-researched and our information is well-vetted, so the odds of making money far outweigh the odds of losing money on every investment decision. Furthermore, when we decide to move forward with an opportunity, we ensure the investment is weighted in a manner that is appropriate for its risk/reward profile and we continue to monitor our holdings against the thesis.
Though our intention is to sell at or above our target price, seeking the truth also means recognizing that sometimes we may be wrong. While price volatility does not scare us, we have to be open-minded in admitting that the original thesis for owning an investment may have broken. Understanding how a company works and whether it fits the process is only half the battle; the other half is understanding why it does. Knowing the "why" allows us to determine whether the company’s price has temporarily disconnected (price volatility) or whether the original reason for owning it is no longer valid. If the latter is true, we will be decisive and remove it from the portfolio at minimal losses.