Our Thinking

Our investment approach has changed very little over the past 35 years. It is an enduring and repeatable process tested by numerous market and business cycles. While the process is intuitive and easy to understand, in practice, it requires a high degree of discrimination and patience. These white papers further explain how we think about the business, people and reinvestment legs of our “three-legged stool” approach.

  • Why Compounding Is So Difficult

  • How We Think About Cash

  • The Bottom Line of All Investing Is Rate of Return

  • Bottleneck Businesses

  • What Do We Mean By Reinvestment?

  • 1988 Shareholder Letter