We are value investors and have a clear set of principles we follow.
- When buying a stock think like the owner of the business.A stock is not just a piece of paper, it represents the fractional ownership of a real business.
- When buying a bond think like you were giving somebody a loan. Bonds represent a loan to a business.
- Use a margin of safety. Protect the downside. Return of capital is paramount.
- Be disciplined on price as the price paid determines the return.
- Embrace volatility as it creates market inefficiencies which creates opportunities.
- Stay within your circle of competence. Invest only in areas you can understand and have experience with.
- To win you have to be selective.
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