How We Invest

We seek to deploy capital behind high-conviction theses in high-quality, durable businesses at affordable valuations. Our investment framework is rooted in principles derived from the great investors across both value & growth approaches.

Our Principles

Is the company understandable?

Introduced by Buffett and also a core component of Lynch’s philosophy, we only invest in businesses that we understand well, have expertise in and bring an edge to analyzing.

Is the company cheap?

Most prevalent in the philosophy of Graham, we seek to purchase stocks that are cheaper than (i) peers in their industry, (ii) the market broadly and (iii) themselves historically.

Is the company overlooked?

Core to the philosophy of Greenblatt, stocks that do not get a lot of research attention are likely to be less efficient from a price perspective than those which are being actively tracked by analysts.

By focusing on stocks that are not the targets of research analysts, who have much more time to research stocks than we do, we improve the likelihood of identifying overlooked opportunities.

Is the company covered?

Popularized by Klarman, we should be equally focused on downside risk and upside potential. We must avoid owning any stocks which could end up being worthless due to bankruptcy.

Is the company efficient?

Most salient in Fisher’s concept of finding above-average companies and theoretically holding them forever, we assume that companies which have operated efficiently in the past will continue to do so in the future.