We believe companies that possess the following business attributes, management attributes and financial attributes are well positioned to create value for shareholders through varying economic and market environments.
Essential products and services
Leadership in an attractive market niche or industry
Sustainable competitive advantages
Strong operators with integrity
Favorable capital allocations
Meaningful share ownership
Strong balance sheet and free cash flow
High returns on capital
Purchasing such businesses when they are trading at discount to intrinsic value and with a meaningful margin of safety reduces the likelihood of permanent capital loss on any single investment.