Investing is taking a long-term view on the true worth of companies. We consider ourselves as co-owners of a business. Stock prices fluctuate more than the underlying value of the company and this provides opportunities.

We invest in companies that generate superior returns on invested capital, have a long runway ahead to do so, and are managed by people who treat shareholders as partners.

We will diversify substantially less than most investment funds. Our sole goal is to outperform average returns, which can be obtained at low cost by buying an index fund.