Investment Philosophy

Invest in few companies –know them well, understand what matters Conviction enables us to hold through difficult times

Buy and hold strategy Monitor investments closely and harvest when value is realized

Focus on value identification -not on market direction Value lies in the quality of the business, balance sheet and management Value is what you get –price is what you pay Margin of safety is key

Bottom-up “private equity approach in public markets” Doing our homework is far more important than keeping on top of markets