Only through thoughtful differentiation from the market can one hope to outperform it.

Every investment decision we make is driven by our dual goals of long-term outperformance and capital preservation. We work to achieve these goals by harnessing what makes us different — our concentrated portfolio, our willingness to hold cash, our patience, and our discipline. Like many of the businesses in which we invest, remaining committed to these differences is simple, but not easy. They are the differences that make us who we are.