Our philosophy seeks to compound capital by investing in high quality assets when they are offered at prices substantially below the value of their future free cash flow.

• We invest only when we can understand and evaluate the long-term economics of an asset and focus only on sectors and business models in which our investment team has developed deep expertise over a long period.
• Opportunity cost is the core principle guiding our decision-making process for allocating capital. We believe new investments are only worth making if they offer significantly better economic prospects than what we already own. In such cases, we recycle capital from mature holdings to other existing or new investments with better future returns.
• We will also consider exiting positions for cash if they exceed our estimates of fair value and hold that cash until other investment opportunities are worth making.