DEFINING PRINCIPLES

Our Active Value investment approach is crafted specifically for today’s treacherous sideways markets.

We don’t voluntarily lock ourselves into the style, size, or geographic boxes. Investing today is difficult enough without self-imposed, baseless restrictions.

We patiently seek out stocks of any size and any growth profile in any country (where the law is on investor’s side) that meet our stringent Quality, Valuation and Growth criteria — these stocks just have to be significantly, if not ridiculously, undervalued.

If we cannot find stocks that meet our rigorous criteria in the US or internationally, we will not buy second-rate stocks, we will simply hold more cash. We cannot time the market, but we can value individual stocks.

Our clients are our partners. They are treated as such with complete transparency, honesty, and have direct access to our decision makers. In a quarterly letter we walk our clients through every buy and sell decision in their accounts.

We eat our own cooking. Our portfolio managers and their families own the same stocks as our clients.

We have no institutional pressure to do dumb things: We will not own a stock just because our competitors do (common practice in the mutual fund world). We will not hug benchmarks – we are not going to buy best-looking horrible stock just to have exposure to an industry that is in an index.

WE OFFER A SERVICE NOT A PRODUCT

New accounts will not be automatically invested in stocks held by existing clients. Only stocks that have a significant margin of safety will be bought.

Client`s unique circumstances and wishes are taken into consideration. Some clients ask to avoid tobacco or defense stocks. Others want to take capital gains and losses for tax reasons.

We provide complete transparency: the client can see each posititon and cost basis in our quarterly report provided by IMA, or daily on the custodian`s website.

Decision makers are a phone call away. Clients pick up the phone and call us if they have questions or concerns or just to say thank you. Good luck reaching your mutual fund manager.

Unlike mutual funds, hedge funds, or ETFs, each of our portfolios is crafted for an individual client. Each client owns their cost basis, and they don`t pay taxes for gains enjoyed by previous investors (a common problem with mutual funds).

OUR SIZE IS OUR COMPETITIVE ADVANTAGE

We can stay fast and nimble – no bureaucracy, no investment decisions made by a slow committee.

Our apprentice program allows us to increase the scope and depth of our stock research. We employ a handful of highly qualified, bright and hungry for knowledge interns from universities to assist with financial models and stock research.

Our own VALUEx Vail conference helps us to grow this network every year.

Our unique exposure in the investing community has allowed us to develop a large global network of professional investors. We share investment ideas with our network, and they in turn help us find new opportunities and provide feedback on our existing holdings.

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