At various times across economic cycles, there are segments of the public and private markets that are structurally ignored. 

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These opportunities may be too small, complex, or out of favor, or suffer from temporary bad news, forced selling, or illiquidity.

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Our study of market history taught us to believe that these opportunities existed in the past, they exist today, and we believe they will continue to exist in the future.

We partner with like-minded investors who have multi-year or longer time horizons who seek access to such opportunities. 

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We believe that concentration contributes to outperformance, that a low purchase price reduces risk, and that public markets constantly provide opportunities for those actively looking for them.

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We become comfortable with an investment after looking down at the possible loss rather than only up at possible gain.

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We look for good businesses, at good prices, and seek to hold them in good size.