We seek to earn those returns through careful selection of investment opportunities in publicly traded companies.

 We believe, but cannot of course guarantee, that gaining a clear understanding of the fundamental economics of a limited number of companies, coupled with the skills of valuing them conservatively and purchasing them wisely for clients, will lead to achieving our objectives.

The number of talented people competing for investment opportunities, the forces of market competition and innovation, and the scarcity of good ideas all contribute to the challenge of earning good investment returns. We do not kid ourselves that our task is easy. Managing other people's money is a responsibility that we take very seriously. We believe that diligent application of a time-tested intellectual framework, logical thinking, avoidance of emotion in decision making, and an ability to avoid distraction all lay a solid foundation from which to achieve successful investment results.  

 Investors with unrealistic return expectations,
 short-term speculators,
 market- or fund-timers, and
 those seeking quick profits, or to whom short-term, predictable investment performance is important,