STRAtegies

Growth – High quality companies with double digit growth over 3-5 year cycle. Analyze business with a time horizon measured in years, not quarters.

Profitability – Resulting from healthy balance sheets, earnings growth and high return on equity (35%-50%) and return on invested capital. Asks the question why are they more profitable than their competitors?

Valuation – Reasonable valuations provide a margin of safety.
Patiently wait for opportunities to purchase great businesses at attractive prices.

Concentrated – Everything in the portfolio matters. Most positions overweight the benchmark.