• Our Philosophy
• Our Process
• Our Inspiration
• Good-Will Giants

Good-Will Giants

Our goal in the search for superior investment opportunities is to find what Ben Graham described as "Good-Will Giants." By this, we mean we are looking for outstanding businesses that:

• are easy to understand.
• consistently earn more than their cost of capital.
• generate significant cash, not consume it.
• possess some sort of sustainable competitive advantage so that their earnings are protected from competitive forces.
• are managed by honest and talented people whose interests are aligned with ours.
• are growing their underlying intrinsic value at an above-average rate.
• have experienced better business economic performance than stock price performance.

We will never risk our clients' hard-earned assets by investing in average businesses that:

• are difficult to understand.
• consume more cash than they generate.
• feel the need to buy growth.
• are considered turnaround stories.
• are in need of major restructuring.
• have little or no protection from competitive forces.
• are structurally disadvantaged.
• the job of managing the firm is more lucrative than maximizing shareholder value.