Investment Criteria

All we want is to be in businesses that we understand, run by people whom we like,
and priced attractively relative to their future prospects.

Investment Criteria

We look for companies we can understand, in simple industries, with consistent performance and cash flow conversion, favorable international prospects, showing good return on equity and capital employed, with little debt, that are owned and operated by rational, honest and reliable people who price them fairly and support our involvement for long term value creation.

Business Tenants

  • Is the business and industry simple and understandable?

  • Does the firm have a consistent operating history with transparent cash flow conversion ability?

  • Does the business have a sustainable competitive advantage with favorable long term international prospects?

Management/Owner Tenant

  • Are managers and owners rational, honest and transparent?

  • Do they run the business with healthy margins, and create shareholder value?

  • Do managers and owners believe in long term value growth for their business and price it fairly?