We approach the market opportunistically, seeking first to identify the consensus investment theses driving prices up or down and then to determine whether or not those opinions are accurate.

Our research process combines a top-down and bottom-up analytical approach. First, we examine trends in the global macro economy, industry supply/demand issues, business cycles, market valuations, and private market values to identify areas of opportunity. We then conduct value-driven, fundamental analysis to select individual stocks that support the top-down thesis.

Second, we will make individual investments based solely on fundamental research in cases in which we have identified overlooked or misunderstood opportunities that have catalysts for valuation change. These companies may trade independently of their peers and with lower correlation to the broader market. We may invest a portion of our assets in bonds, foreign issues, and small and mid-size companies.