Investment Philosophy

As investors, we believe intensive research and a disciplined process are critical to success. Research allows us to base investment decisions on knowledge rather than guesswork, intuition or passing fads. Discipline allows us to avoid common decision errors that come from taking mental shortcuts.We base our investment philosophy on the following core beliefs:

1. We believe investment fundamentals matter over time, and most of the time, but not all the time.
2. Because of this, we believe we must be prepared to be patient and wait to be right.
3. We believe that we must often avoid being tempted by the lure of bullishness or bearishness (i.e., greed and fear).
4. We believe that we increase our opportunities by being flexible and casting a wide net.
5. We believe strongly in the value of being contrarian, but not just for the sake of being contrarian.
6. We believe in our own common sense.
7. We believe that it is healthy to obsess about what could make us wrong.
8. We don’t believe consistently accurate forecasting is something that can be relied on, so we never bet on any one forecast.
9. We believe in honestly communicating our views and expectations.
10. We believe that the core of successful investing is a commitment to intellectual honesty.

Read more about our Core Beliefs here.