Mission

The most significant attribute we seek for our partnership is to add significant excess returns through our investments. To accomplish that goal our investment process, corporate structure and cost structure are all geared to promote value creation through appropriate risk taking. We like to invest and we are creating an organization that will allow us to invest to our best ability.

Attributes
Creative, independent thinking and focused – externally competitive and internally supportive
Long term sustainable cost structure

Rationale
Small, flat organization promotes focus on investing that leads to value creation and necessary risk taking
Separation of market risk and business risk preserves focus on investing, promotes adherence to our long-term investment philosophy and allows us to ignore the pressure to constantly seek new clients
Investing is fun and a fun place to work will be successful and long-term sustainable

Execution
Avoid organizational creep and maintain independence
Few employees & High collaboration
Focus on primary research
Office separate from “financial district” with low fixed cost base

Implications
Concentrated portfolio – fewer stocks per investor – with low portfolio turnover – more research per decision
Extensive use of screening tools to manage research flow
Senior professionals with a history of success who can defer financial ambition
Significant outsourcing of non-investment capabilities