The Firm invests in businesses protected by either structural barriers to entry or hard assets, when they are out of favor, at prices offering significant margins of safety. The Firm employs private-equity-like structures to make truly long-term investments in public companies. 

 

In order to deliver on its investment mandate, the Firm believes that it is important to develop a tight-knit base of partners who share its philosophy, values, and investment horizons. The Firm does not consider its partners to be interchangeable, or capital to be fungible; the who behind the capital, and the relationships the Firm builds with them, are core to its DNA.