Our Thinking

Our core investment approach has changed very little over the past 25 years. It is an enduring and repeatable approach that has been tested by numerous market and business cycles. While it is intuitive and easy to understand, in practice, in our opinion, it requires a high degree of discrimination and patience. These white papers help further explain how we think about the business, people and reinvestment legs of our “three-legged stool.”

  • 1988 Shareholder Letter

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