Core Principles

… securities trade in an auction market that has inherent inefficiencies.

… opportunities to make successful investments in good businesses and managers exist regardless of market direction.

… most of the best investments are accompanied by higher levels of discomfort when initiated.

… there is often an inverse relationship between the popularity of a security and its value.

… undervalued companies with identifiable earnings growth catalysts offer significant absolute returns without excessive risk.

… investment risk is viewed as overpaying for a business or incorrectly projecting its future earnings.