Earnings Machines

We strive to compound our clients’ capital over time. The crux is to invest in earnings machines – companies that:

• Consistently produce strong profits and cash flows
• Grow their intrinsic value over time and compound wealth
• Are run by smart, shareholder-minded capital allocators who:
  • Reinvest capital in the business at attractive returns
  • Or reallocate it to shareholders (e.g., dividend payments or share buybacks)