Strong companies
We buy businesses with strong balance sheets, strong management teams
and strong cash flows.  We seek to own businesses with an enduring
competitive advantage.  Many of our companies have long histories of
increasing their dividends annually and ideally, our companies are actively
buying back their own shares.

Study "smart" money
We don't have all the answers.  You pay us to be students of the market.  We
are voracious readers and we study what some of the greatest minds in
investing are saying and doing.  We will make frequent reference to Warren
Buffett, John Templeton, Tweedy Browne, Howard Marks, Seth Klarman,
Southeastern Asset Management and other great investors.

Perhaps the hallmark of our firm is client communications.  We will tell you
when we buy or sell a stock and exactly why we made this decision.  We also
publish a weekly market commentary to clients distributed via email.  You will
know what you own and our current thinking on the market.  We believe you
deserve complete access to the decisions impacting your portfolio.