Our core principles are based on fairness and common sense. These simple principles guide all our investing and business decisions
1. We have a significant amount of our personal net-worth in the fund.
2. We invest for the long-term and often overlook short-term news and random gyrations in the market owing to insignificant news flow.
3. We choose each investment based on it's discount to our appraisal of its intrinsic value, it's financial strength and it's competitive position.
4. We only partner with able and honest management.
5. We will put a disproportionate amount of funds into our best ideas; our portfolio may be more concentrated than that of other funds.
6. We will deploy a large amount of capital when we find great bargains. We will stay in cash when we don't find good opportunities. We will often be fully invested when the markets are gloomy and be largely in cash when they are ebullient.
7. We will have the fairest possible fee structure.
8. We will communicate with our partners as candidly as possible.