We believe it is possible to generate high relative returns with low relative risk by investing for the long term in the best businesses at reasonable prices. We focus only on those few low-risk businesses that offer predictable, sustainable earnings and cash flow growth over the long term. Few companies meet our strict criteria, so we typically invest in about 25 holdings at any time.

We conduct our own fundamental research to identify the select group of companies that are worthy of our clients' capital and to ensure they maintain their superiority in a changing world. We employ proprietary valuation measures to control price risk in our clients' portfolios.

We manage for absolute long-term performance. The steady double-digit earnings growth of the businesses we invest in results in appreciation over the years. Because we are patient, we hold companies for about five years. Each client portfolio is managed jointly by the firm's three Principals using the same research-intensive and disciplined approach.