We operate on principles that are old, simple and few.

From the first—a place where folks keep their heads stocked with prairie-town views and values—it inherited the nimble, no-nonsense spirit that have shaped its approach to ownership. From the second, a resolute set of values centered around culture and character.

We are investors who believe in buying right and sitting tight. Our primary drive is to acquire shares in growing companies run by proven owners-operators when they wrestle with temporary setbacks, and hold them for the very long run. Such inclination requires permanent capital, a contrarian mindset and ability to soldier through that, fortunately, we can provide in spades.

In this pursuit, we are sector-agnostic and opportunity-driven, but adamant on value. Above all else, the latter defines the way we operate, with our portfolio management coming down to these three essential characteristics:

1. A careful selection of a few investments chosen in relation to the discrepancy between their price and intrinsic value; to the quality and integrity of their management teams; and to the alternative investments available at the time.

2. A steadfast holding of these large commitments through thick and thin until either they have fulfilled their promise or it is evident that they were purchased on a mistake.

3. A balanced investment position—that is, a variety of risks in spite of individual holdings being large, coupled with sizeable reserves of cash at hand to absorb financial shocks and maintain optimal latitude of action.

We prize grit and gumption, but despite being youthful in spirit, we’re rather conservative and old-fashioned in business. To qualify, opportunities must be within our realm and accessible at compelling prices—ones that leave sizable margins of safety and allow ample room for our frequent mistakes of judgment.

Our philosophy, however, is always to keep an open mind. We have no strategic agenda or long-term plan other than doing sensible things, learning from accomplished practitioners, and pouncing with vigor on those rare opportunities that fall into our modest circle of competence whenever they surface, which by essence isn’t often.

Our main business is not to see what lies dimly at a distance,
but to do what lies clearly at hand.

Carlyle’s wisdom echoes with the tested investment principles we defer to: looking for permanent value; detaching ourselves from volatility concerns, for the market is here to serve us, not to instruct us; thinking independently and having the courage to side against the consensus when conviction and reason command it; demanding a tangible margin of safety for every risk we underwrite; avoiding anything that doesn’t match our standard of virtue and integrity; and, of course, always keeping things simple and pleasant as we go.