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Buy excellent businesses at excellent prices

Two wonderful things happen if you are able to do this:

1. You expose your capital to less risk.
2. You enhance the likelihood of better returns.

Lower risk, higher returns.
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"Don't lose money."
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In the short term, stock prices are unpredictable. They fluctuate to a far greater degree than the value of the underlying assets they represent. In the medium-to-longer term, a rational investor can use the stock market's fluctuations to their advantage by having knowledge of the true economic value of a company and only investing when the stock market offers a company's stock for less than that value. Having a margin of safety is one of the cornerstones of our investment philosophy.

This approach is simple to understand, but it's not easy to implement

It requires a willingness to have opinions that differ from the crowd. It also requires one of the most underappreciated characteristics of successful investors: patience. Too many investors succumb to the pressure to constantly trade in and out of stocks in their portfolio and to always be fully invested.

We acquire businesses only after doing exhaustive fundamental research. We scour the public markets for the best businesses and patiently wait for the stock market to undervalue them, resulting in pricing that offers the most attractive reward-to-risk trade-off.

Think like a business owner

Our long-term perspective helps us to filter out the noise and daily distractions in the stock market, and it allows us to focus on finding the best businesses available at the most attractive prices. We think of ourselves as owners of businesses rather than traders of pieces of paper.
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Why "Don't Lose Money" is Rule #1 in Investing

If you experience a loss of:

-100%
0%
-50%

To break even, you will require a return of:

100%

Let us help you preserve and grow your capital while minimizing risk.

The Dual Benefits of Buying a Business for Less Than Its Intrinsic Value

Risk/Return Calculator
$100

Amount of money at risk

Price paid for an asset with an intrinsic value of $100:

$40
$100
$200
$100
0%

Your return, if asset is eventually sold for its intrinsic value of $100

1. The less you pay, the less capital you can lose.
2. The less you pay, the greater your potential return.

Lower risk. Better returns.