Our approach to risk is rooted in business knowledge, a long-term investment horizon, and a contrarian mindset that sees opportunity where others see risk, all underpinned by a strong understanding of the businesses we invest in.

It is impossible to avoid any and all risk. Some of our companies will disappoint. That's why we diversify our investments.  But a group of very strong, profitable companies, with rock solid balance sheets, bought at reasonable prices and led by intelligent, energetic and honest management and that are kept in a portfolio for a very long time, will, in our view, render risk to the least possible degree.  
 

Benjamin Graham, author of The Intelligent Investor, wrote:

"In the short run, the market is a voting machine but in the long run, it is a weighing machine."