We invest in established businesses across a broad set of industries. We seek a combination of compelling value, ownership tenure, and consistency of cash flows.

We possess an attitudinal bias that is inherently skeptical. Our investment strategy emphasizes risk conservatism while focusing on consistency of return. Our research process is structured to ensure this asymmetric relationship stays intact.


  • Institutional investment background
  • Strong advisory board leadership
  • Regional perspective

Capital Preservation

  • Primary focus on risk, not return
  • Emphasis on intrinsic value
  • Great stories can be poor investments
  • Process drives margin of safety

Consistency of Return

  • Driven by cash flows
  • Annual dividend
  • Based on existing business