We have added to the standard value investing approach with the following principles:
We are not traditional buy-and-forget-to-sell investors. We have strict sell criteria in order to remain “active” buy-and-sell investors.
Given elevated market valuations and fragilities in the global economy, our margins of safety are even higher.
We value stocks based on what they’re worth, not what they used to trade at in the past.
We don’t time the market, as this strategy largely relies on luck and can’t be put into a repeatable process.
We’re not afraid to hold cash if we cannot find stocks of sufficient quality.