Process over outcome: we pursue an independent-minded, facts-based research process.
People matter: we look to partner with best-in-class managements.
Patience is a virtue: the stock market is a device that transfers wealth from the impatient to the patient.
Price versus value: "whether we're talking about socks or stocks, we seek to buy quality merchandise when it is marked down."
Growth matters: we focus on earnings and free cash flow per share growth as the key drivers of long-term capital appreciation.
Keep it simple: we avoid complexity and only invest in companies and businesses we can understand.