Our Enduring Investment Principles
Our investment principles help us build a scalable and repeatable investment process
Invest In Great Businesses With A Margin Of Safety
In our book, great businesses possess the following characteristics:
Occupy the economic high ground
Possess a sustainable moat
Led by high-integrity managers
Trade at a reasonable valuation
"It's far better to buy a wonderful company at a fair price, than a fair company at a wonderful price." - Warren Buffett
Keep Emotions Out Of Investment Decisions
When it comes to investing, knowing what to avoid is just as important as knowing what to invest in. Emotional investing based on daily stock movements, notoriously inaccurate economic forecasts, herd behavior or T.V. commentary is something we actively avoid.
"The investor's chief problem - and his worst enemy - is likely to be himself. In the end, how your investments behave is much less important than how you behave." - Ben Graham
Be Resilient & Think Long-Term
We must be resilient through market cycles. Sitting and doing nothing is counter-intuitive to human nature. However, when we spend our time finding wonderful companies that can compound our capital over decades, why should we interrupt that process for the sake of justifying or proving something to the world?
"Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it." - Albert Einstein