Our History

We have been investing for the long term for more than fifty years, across multiple market cycles, portfolio managers and generations of leadership.

Our Values

Excellence, humility, patience, kindness, integrity: These values guide how we interact with our clients, our companies and one another. We combine a love of learning with a dedication to excellence and independent thought.

Our Philosophy

The touchstone of our philosophy is the distinction between the value of a business and the price of a stock. We try to exploit swings in stock market sentiment to purchase interests in quality businesses at attractive prices that create a margin of safety relative to our estimates of business value. We believe that over the long term, a focused portfolio of intensely analyzed and carefully purchased businesses should earn a higher return than market benchmarks with less fundamental risk. Learn more about our investment strategies.

Our People and Our Process

Each member of our investment team is an analyst. We all do primary research, we all enjoy discovering and debating what makes a business tick, and we all devote most of our time to qualitative analysis that has more in common with journalism than finance. We try to provide a great home for passionate students of business.

Our business team is made up of a collection of experienced professionals who take deep pride in serving our clients and keeping the proverbial trains running on time. Meet our team.

Our Client Relationships

Our clients are our partners. We try to communicate as plainly as possible with them about our holdings, our activities, our failures and our successes. We regularly share letters, videos, and other communications about our firm, our strategies and the companies we own. Access our resources.

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