We wrote most of that mission statement at our inception. The only change we made since then is to replace our US focus with one that is global.
Value investing works because investors tend to shy away from low prices.
The typical reasoning goes that low prices signal problems, and that those problems must be permanent if the stock price has substantially declined. But successful value investing overcomes this human tendency.
An unwavering discipline, intensive research, and an owner’s perspective on time horizon: these are our “secret” ingredients to long-term investment returns.
We built our team of research analysts slowly and carefully over the years. They have worked across sectors and roles, including management consulting, private equity, and operations. Their experience is consistent with our focus on understanding how businesses earn profits, and which businesses are likely to recover from temporary declines.
Our clients span the globe. They believe in our mission, a commitment we’ve held for more than two decades. We are excited for what the next decades will bring.
It’s hard to predict the future of investing, but there’s one thing we know with clarity. We will research businesses wherever valuation opportunities take us.