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We manage separate accounts (portfolios) that are value-oriented, all-capitalization, and concentrated. We believe that the measure of success in our business is (or should be) the ability of our successors to replicate our investment performance. While it's too soon to make a judgment, we believe that we've established a discipline that can be replicated. One that will stand the test of time even as its adapted to future circumstances. Our goal is to produce above average and consistent returns over time. It is not to build assets, boost revenues, sell out , and retire. We'll limit the assets we manage to those we can manage successfully, rather than create mediocre returns for our clients while becoming rich ourselves.
Kirk Soap, circa 1890, from the |
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