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I N V E S TME N T CR I T E R I A We strive to create investment portfolios


of high quality businesses at compelling valuations.


Our Buy Discipline • Quality of management team • Management team must be shareholder-oriented • Quality of future cash flows and earnings • Healthy margin profile • Financially sound; minimal/moderate leverage • Vision of management team • Strong and defensible competitive position • Assessment of macro risk • Seek margin of safety to intrinsic value


Our Sell Discipline • Deteriorating business fundamentals • Negative changes in the competitive landscape • Negative regulatory changes • Negative changes to senior management • Poor acquisitions outside of management’s core expertise • Negative sector dynamics • Investment surpasses fair value and places risk to the downside • Investment position is outsized relative to portfolio • Macro considerations


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