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Invest in Great Businesses Only at Reasonable Prices
What makes a ‘Great Business’?
Substantial Growth Potential over next 5-10 years, Bought at Fair Valuations
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Profitable growth is a key to any businesses value, and enables the investor to compound their investment over time.
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Businesses that smartly allocate profits and generate cash flow at a higher rate of return than the market offer outstanding long-term profit potential. Examples could be developing new products, opening new markets, acquiring small companies in the industry at attractive valuations, retiring more expensive debt, and returning capital to shareholders.
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Strong market position from branding, patents, niche strength, scale, or high market share.
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Profitable companies with a strong, defensible market position can maintain high returns for years or even decades.
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Strong balance sheets to endure the business cycle's inevitable ups and downs.
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Long-term holding periods lower tax liability through long-term capital gains.

Quality Value Style: Profitable, free cash flow generators, bought at attractive prices versus peers