Our Philosophy

For more than 30 years, we have built our business on the quality of our research and long-term investing.

Long-term perspective allows us to think differently

►  We look beyond short-term volatility and market unpredictability
►  We focus on a company’s opportunities over the next five years
►  We think like the owner of a business 

Independent and exhaustive research is essential to understanding a business 

►  We analyze businesses with the intention of owning them for an extended period
►  Our research gives us a knowledge advantage
►  We develop industry expertise
►  We invest in businesses, not just stocks 

People are the key drivers of a successful business 

►  We seek to invest with managements who have integrity, a long-term vision and whose interests are aligned with their shareholders
►  We invest in people, not just buildings

Successful growth businesses have open-ended opportunities and defensible niches

►  The companies in which we invest typically benefit from innovation, change, government initiatives or economic trends
►  Substantial competitive advantages and barriers to entry are critical

Purchase Price Matters

►  We buy growth companies using a value-oriented purchase discipline
►  Our valuation criteria are based upon what we believe a business can earn in three to five years
►  Investment opportunity is created when a company’s growth prospects are not recognized or the stock is mis-priced

Research and risk management are continuous processes

►  We conduct rigorous research throughout the life of an investment
►  We manage risk at the individual investment and portfolio levels

Read about Our Principles