We Enjoy The Process Far More Than

Never Invest In A Business You Can't Understand

The Trick Is, When There Is Nothing To Do, Do Nothing.

The Strategy We've Adopted Precludes Our Following Standard Diversification Dogma. Many Pundits Would Therefore Say The Strategy Must Be Riskier Than That Employed By More Conventional Investors. We Disagree. We Believe That A Policy Of Portfolio Concentration May Well Decrease Risk If It Raises, As It Should, Both The Intensity With Which An Investor Thinks About A Business And The Comfort-level He Must Feel With Its Economic Characteristics Before Buying Into It.

Managers That Always Promise To 'make The Numbers' Will At Some Point Be Tempted To Make Up The Numbers.

We Make Investment Decisions Based On Our Evaluation Of The Most Profitable Combination Of Probabilities.