We buy only our most compelling investment ideas.

Buying a large number of businesses tends to dilute the value of our best ideas. We limit the portfolio to fewer than 32 carefully chosen companies. We believe it is difficult to research hundreds of companies in a way that allows you to build the high level of knowledge necessary to realistically evaluate the investment. We select our companies one at a time and strive for an ownership of truly extraordinary businesses. By buying and holding great businesses, we aim to generate superior returns over the long-term, while minimizing the taxable effects of high turnover.

We will sell a business due to changes in its fundamentals, or when we perceive the risk/reward dynamics have become less favorable.