Investing in Publicly Traded Securities: We believe in buying quality businesses at attractive multiples of earnings, cash flow and free cash flow. We believe a value-oriented approach to investing is inherently low risk and high reward. We believe in rigorous financial statement and valuation analysis. We believe in the value of independent thought, creativity and a deep sense of humility. We believe in a global opportunity set and the advantages of a long term holding period. We also favor a modest book of short positions which doubles our opportunity set, widens our perspective and sharpens our thinking.
Partnering with Entrepreneurs and Operating Management: We insist on a culture of honesty with and respect for each other. Our communication is characterized by candor, our financial reporting by transparency and conservative accounting. We are committed to achieving excellence, to flow bad news faster than good news, to under-promise and over-deliver. Most importantly, our goal is to delight, value and create value for our customers while generating per share value for our shareholders.