We believe in knowing exactly what you own and why you own it. Academic research supports that over the very long term, companies whose shares trade more inexpensively tend to outperform those that are the most expensive. Intuitively, this makes sense – the price you pay matters. As modern, opportunistic value investors, we don’t just seek cheap stocks, but to own durable franchise businesses that we believe can compound for the long-run and select special situations, which we believe are one of the last great pockets of market inefficiency.

Read our whitepapers on what Franchise Businesses & Special Situations mean to us.