Philosophy

"In chess that goal is to protect the king, in our game it's to grow the value of your money."
"We invest in a consistently disciplined and focused manner"
"A highly skilled team is responsible for creating an investable universe. "

We believe that investing is similar to the game of chess.  It requires skill gained from years of experience, a steadfast temperament and a proven strategy to reach the end goal.  In chess that goal is to protect the king, in our game it's to grow the value of your money and to beat the market.

We invest our clients' money in a consistently disciplined and focused manner, based on an unwavering investment philosophy of always striving to buy into high quality businesses at prices that are low compared to their long-term investment valuation.

We define quality businesses as those companies with the following characteristics:

  • Sustainable Return on Capital > Cost of Capital
  • Quality business models, including a Porter's Five Forces "moat"
  • Forecastability of long-term business profitability
  • Strong Cash Flows post working capital and maintenance capex
  • Proven management with aligned incentives and strong capital allocation skills
  • Appropriate margin of safety in their fundamental valuations

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