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Products
Equity Process
Identify companies achieving a sustainable high return on shareholders equity
 Simple businesses
Low earnings volatility and sales
Superior fundamentals
Enduring competitive advantage
Low cost producers
Excellent management with significant equity ownership
Purchase shares at significant discount to a business' intrinsic value
Present value of future free cash flow
Traditional valuation tools
Structure portfolio
Various economic sectors
25 to 35 companies
Market cap small, medium and large
Set time horizon objective
Market timing not utilized
Constant focus on company fundamentals
Maintain positions as long as company demonstrates characteristics for superior growth
Low portfolio turnover
Other considerations:
Remaining fully invested, market timing is not utilized
Long-term expected time horizon on each holding is at least 3 years as excess diversification produces mediocre returns
Consistently applied sell discipline when company reaches estimate of intrinsic value or deterioration in fundamentals
No capitalization mandate, with a bias toward established companies
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