Philosophy & Process

Ship In Open Waters

Long-term, Fundamental, Absolute Value Investing

We are absolute, not relative, long-term fundamental value investors with a bias toward quality. We look for well-run, financially strong, high quality businesses whose stocks we can purchase at a significant discount to our estimates of their intrinsic values. We only put capital at risk when presented with such opportunities.

Ultimately, there are five pillars to our “V.A.L.U.E.” investment philosophy.

The VALUE Investment Philosophy

V

ValueBuy businesses for less than the sum of cash flows they generate discounted back to present time.

A

AbsoluteStart with cash not a set index and seek genuine bargains rather than relatively attractive ones.

L

Long term (and often contrarian)Take a long-term approach to investing, like owners of businesses.

U

UnconstrainedTake a broad view to find true gems and invest across market caps, sectors and countries.

E

EducatedTake a fundamental, bottom-up, research-driven approach to identify high quality companies.

Dark blue islands

To strive, to seek, to find.