The principles that guide us.
Independent thought is critical to everything we do. As contrarians we seek uncommon insights. The fact that people agree or disagree with you doesn't make you right or wrong. Beware of heavily researched investments.
Patience is critical, we identify opportunity and wait for it to come to us. We allow compounders to reach their full potential.
Tenacity means knowing competition is smart. The only thing that differentiates good and bad investors is tenacity, the ability to do the toughest thing during the hardest time.
We acknowledge investment scarcity: private equity has moved aggressively to compete for deep value investments. It's important to separate a good company from a good stock.