Investment objectives

Capital preservation - we start out by not losing it.

We take a great deal of care to invest in businesses that we understand thoroughly. 

We only back managements that we trust. Most importantly, we pay a price that has a big margin of safety; in fact, we never pay more than half what we think a business is worth. 

We also don’t pay more than what we think the business is worth in a bad scenario; in other words, if things go wrong we want to make sure we get our money back.

To generate excellent long term investment returns.

We mean excellent in absolute and relative terms. Firstly, it should be much better than putting your money on deposit and secondly it should be much better than buying an index fund. 

You are paying us to manage your money and we do it because we believe we can outperform a passive approach even after taking into account our fees. That has been our record to date.