As investors we believe intensive research and a disciplined process is critical to success. Research allows us to base investment decisions on knowledge rather than guesswork, intuition or passing fads. Discipline allows us to avoid common decision errors that come from taking mental shortcuts. Our Investment Committee reinforces our discipline by demanding the supporting logic behind every decision.
The following fundamental beliefs form the foundation from which our investment philosophy is applied:
- Openness to global diversification expands our opportunity set.
- A long-term approach allows us to take advantage of what we believe to be mispriced investments. We use a decision horizon of three years.
- History provides a valuable frame of reference but history doesn't always repeat.
- Investors who are not prepared to act based on the courage of their convictions are destined for mediocrity.
- A willingness to think "outside the box" will occasionally allow us to find unusually compelling investment opportunities.
- Accessing investment talent from outside firms, gives us access to some of the world's premier investment minds. In this way we can incorporate a high level of expertise in a variety of asset classes that otherwise would not be available at a single firm.