We believe the best long term returns come from owning quality investments, while also opportunistically taking advantage of mispriced situations.

We deploy capital seeking an adequate absolute return in a tax efficient manner. Owning quality investments for the long-term makes for good after-tax results.

We conduct ongoing fundamental valuation work in order to identify stocks exhibiting desired discounted valuation relative to peers and historic norms. Stocks purchased also typically operate in out-of-favour industries in terms of performance, valuation and sentiment. Acceptable financial leverage and strong cash flow and revenue per share alongside earnings improvement potential are additional common attributes of purchases. Stocks are typically sold when no longer undervalued or no longer out of favour. We invest where a reasonable starting valuation allows business cash flows, not perceptions, to ultimately drive investment results.