Seeks long-term, absolute returns

Conducts rigorous, proprietary research

Seeks undervalued, quality companies

Thinks and acts independently

Acts opportunistically – invests when price is 30% less than estimated true value

Speculate, gamble or take unnecessary risks

Focus on macroeconomic events – impossible to forecast

Consider short-term investment fads, trends or styles

Make decisions based on conjecture or ego-based intuition