Core Values

GROWTH MINDSET

We seek to be continually learning, cultivating areas of curiosity with vigor. We embrace the challenge of deepening and expanding our competencies.

PROCESS LED

We focus on process over outcomes knowing diligence and consistency stand the test of time. We will be neither distracted by success nor devastated by setbacks.

JOY IN CRAFTSMANSHIP

We strive to produce outstanding, distinctive, and lasting work. Our aim is to be skillful, savvy, and disciplined.

POSTURE OF HUMILITY

Humility is a source of strength. We strive to have an appropriate view of ourselves and a dynamic world. We communicate genuinely and with candor.

HEART OF A SERVANT

We seek to serve rather than be served and to be generous with our time, talents, and resources. We actively look for opportunities to better our clients, colleagues, families, and communities.

WHAT ISN’T SEEN MATTERS

Integrity of heart is our enduring foundation. Actions matter far more than words. Success is more than numbers.

LEARN MORE

INVESTMENT PHILOSOPHY

RESEARCH PROCESS

INVESTMENT TEAM

SELECTED COMMENTARY

“It’s extremely difficult for humans to forgo a near term reward in exchange for a greater reward at some unknown point in the future. It should be no surprise, then, that it is rare to find a management team with a compensation system that pushes the organization to make rational decisions for long term owners. Incentives are generally centered around the notion of growth—growth in revenue, growth in margins, growth in earnings, or the gold standard—growth in earnings per share. But not all growth is good growth. Some creates value, while other types destroy it.”

Q1 2017 Letter

“We also take great interest in how companies finance themselves. Certain business models have debt-like advantages without interest payments, maturity dates, or covenants. The float generated by a well-run insurance operation, a working capital cycle that generates cash from the timing mismatch between customer collections and supplier payments, and a bank’s market-rate deposits that operate as a perpetual source of cheap capital all provide funding advantages obtainable by only a few businesses.”

Q1 2017 Letter

“Concentrating our capital in outstanding businesses provides an opportunity to produce above average results over time, regardless of the market environment.”

Q4 2019 Letter

“Our aim is to own a collection of businesses that don’t require us to continually sell and reposition. Companies with numerous opportunities of their own to reinvest, that remain in financial position to play offense on our behalf, and that in some cases stand to benefit from near-term disruption.”

Q1 2020 Letter

“The businesses we covet exhibit the ability to grow their earnings power during good times and hold the line during bad. Their fortunes tend not to be dictated by the actions of competitors nor the prevailing economic tides.”

Q2 2020 Letter