We are domestic equity investors with a bias toward long-term investing. We seek superior returns without undue risk to capital. Our focus is on undervalued companies with strong management, strong free cash flow and a shareholder orientation. Independent research, personal relationships with management teams and investment discipline have allowed us to generate superior investment results over the past decade.
Investment Strategy: Primarily U.S. equities. Long only. No leverage or derivatives.
Investment Objective: Long-term growth of capital and capital preservation.
Diversification: Generally hold 15 to 25 stocks per portfolio with no more than a 5% concentration in any one security. These amounts may vary depending on the circumstances.
Research: Independent research focused on bottom-up company analysis.
Our targeted investments are companies with the following attributes:
Operating in industries that we actively follow and believe we understand well; for the most part, industries that we have been involved with throughout our careers.
Restructurings, reorganizations or other turn-around situations where we know the management team, understand the industry and feel the market is incorrectly pricing the opportunity.