Philosophy

Risk Management

We define risk as the probability of permanent loss of capital. Although complete elimination of risk is impossible, we believe we can greatly reduce it through proper asset allocation, position sizing, and sound investment principles.

Intrinsic Value

We believe markets are inefficient. We seek to invest in securities that trade below their intrinsic value, meaning they provide a margin of safety and an attractive expected return.

Execution

We perform proprietary research, manage custom portfolios of individual securities, and trade directly with financial markets, minimizing transaction costs.