Investment Principles

• Our investments will be few in number and simple in concept.  The truly big investment idea can usually be explained in a short paragraph.
• We like businesses with enduring competitive advantages that are run by able and owner-oriented people.
• Our goal as investors is simply to purchase, at a sensible price, a part interest in a business whose earnings will be materially higher 5, 10, 20 years from now.
• Over time we will find only a few companies that meet these standards. When we see one that qualifies, we will look to make meaningful investment.
• If we can put together a portfolio of companies whose aggregate earnings move upward over the years so will the value of our investment portfolio.
• We will also resist the temptation to stray from our guidelines and we are prepared to make investments for the long-term.