Investment Philosophy

We are value investors and have a clear set of principles we follow.


  • When buying a stock think like the owner of the business.A stock is not just a piece of paper, it represents the fractional ownership of a real business.
  • When buying a bond think like you were giving somebody a loan. Bonds represent a loan to a business.
  • Use a margin of safety. Protect the downside. Return of capital is paramount.
  • Be disciplined on price as the price paid determines the return.
  • Embrace volatility as it creates market inefficiencies which creates opportunities.
  • Stay within your circle of competence. Invest only in areas you can understand and have experience with.
  • To win you have to be selective.

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