Owning vs. renting
We are long-term oriented, patient investors in great companies not "flippers" of
stocks.  We view stocks as ownership interests in the underlying businesses and
we and build capital for their owners.  You can’t participate in the fruits of owning
a truly exceptional business by timing your jumps into/out of the stock.  Capital is
built in these businesses over a long time and we believe the best way to
participate in that capital generation is to be an
“owner” of that business not
someone who
“rents the stock” for a few months.

But this isn't an easy proposition to manage - investment managers face
enormous pressure to deliver strong near-term results.  This pressure greatly
distracts investors from a long-term orientation and as a result, it is hard for most
to overcome and act in opposition to their emotions.

It will -
at times - take patience and discipline to stay with our philosophy of
limited turnover, concentrated, long-term focus but we believe it is the right way to
invest.  Ben Graham advised in 1934 that we should look at the market not as a
guide for what to do but rather as a creator of opportunity.  The excessive greed
and panic of the crowd generates opportunities that can be taken advantage of
by investors who can stay grounded.  Tolstoy (
while not talking about investing)
was profound when he said,
"The greatest warriors of all are these - patience
and time."