Investment Philosophy

We believe that equity markets are inefficient; investor sentiment and short-termism (the tendency to seek immediate profit at the expense of long-term security) can mask observable dynamics, leading to mispricing of stocks. This can present significant investment opportunities. In addition, we believe that capital allocation decisions, and the ability to earn appropriate returns from such decisions, are fundamental to creating value for shareholders. We also feel that influences of shareholder stewardship and business franchise strength on shareholder value are often underestimated.