We search for companies that we would like to own outright.

We define great businesses as those that have leading and enduring competitive advantages within their industries. These companies generate high returns on invested capital, are well positioned for growth, and demonstrate strength in difficult economic environments. Accordingly, they have predictable streams of cash flows which exceed the capital they require to grow; as a result, they maintain solid balance sheets, making them attractive acquisition candidates.

In many cases, the managers of these businesses have a significant amount of their net worth invested in the company. This alignment of interest helps to keep management focused on decisions that make sense for the owners of the company.