Our philosophy of differentiation is reflected in the core tenets of our investment discipline. Concentration Rather than seek safety in quantity, we seek safety in quality and price. Willingness to Hold Cash We hold cash — sometimes a lot of it — as dry powder when the companies we want to own are not available at attractive prices. Patience & A Tolerance for Discomfort Whereas others bend with the whims of the market, we remain patient and adhere to our discipline whatever the circumstances. In fact, we believe that it is precisely during periods of discomfort that an investment discipline matters most.