Objective

Long-term capital appreciation by investing in companies selling for less than our estimate of intrinsic value.

Investment Strategy

• To estimate intrinsic value, the business must be understandable, and we must be able to reasonably forecast its cash flows. We seek businesses with sustainable competitive
  advantages, conservative balance sheets, and management with an ownership mentality.
• Investments are sold when the stock price reaches our estimate of intrinsic value,
  our estimate of intrinsic value is revised such that there is no longer a discount to
  intrinsic value, a holding reaches our stated maximum position size, or to raise proceeds
  for a more attractive opportunity.

Portfolio Management