Success at investing requires a game plan that is sound, proven and sustainable. Luck can produce returns in the short run but there are no shortcuts to success in the long run.

Our goal is exceptional results over the long-term

We believe these goals can best be achieved by investing in mutual funds, businesses and real assets, such as real estate and infrastructure, that we deem to be exceptional. We seek investments [equity and income] with low potential for long-term loss and high potential for long-term gain.

In choosing investments, we use our ‘best practice’ checklist:

• shareholder-friendly organization with a growth-driven, value-focused mindset
• durable competitive advantages, ethical business practices and a customer-centric culture
• exceptional people with skill, integrity and meaningful ownership in their business or fund
• financial strength and strategy to take advantage of opportunities
• track record of above-average long-term returns on invested capital

Why do we focus on value and high-quality growth?

• Security prices in the marketplace are often above or below real-world values, due primarily to the actions and mood swings (greed and fear) of speculators and traders.
• History tells us investment returns in the public world eventually correlate [1-to-1] with financial results in the real world, so we focus on value and high-quality growth, and treat volatility as opportunity.