Macro-trends and economic metrics are important indicators of the current state of the economy. Investment opportunities, however, lie in individual companies. We look for great companies that will thrive in any given environment.
When analyzing an investment opportunity, we look at the entire business from a business owner perspective. We invest in companies that are well managed, innovative, and produce valuable services or products that help people. Our investments are for the long-term. They are not quick trades on stock tickers that move daily.
“The individual investor should act consistently as an investor and not as a speculator.”
- Benjamin Graham
Our job is to put money to use. As long as there are appealing investment opportunities, we will do that. We strive to stay invested to the extent possible. As market environment changes, we continually assess exposure and adjust positioning as necessary. We will be patient. We will withstand volatility in order for superior returns.
“Time in the market beats timing the market.”
- Ken Fisher
Some companies are inherently better than others. They are structurally advantaged, whether through their offerings, market, management, culture or other distinguished dynamic. Examples include oligopolies, recurring revenue, owner-operated, leaders in markets with secular growth, amongst others. These companies may appear expensive in the moment. Over time, their results speak for themsleves.
"One of the things we have learnt over the last few years is our most profitable insights have come from recognizing the deep reality of some businesses, not from being more contrarian than everyone else."
- Nick Sleep