We believe the foundation for successful investment lies in the relationship between price and value. We believe markets are efficient in the long-term. In other words, investors can approximate the value of securities, and over time, price should move in the direction of value. There are many ways to approximate what something is worth, but at the end of the day, the value of any investment is equal to its discounted future cash flows.
The most reliable gains are made through purchases below intrinsic value, a critical factor in limiting risk. Great businesses are not always great investments, and stocks are not always priced to generate "average" returns. An investor's margin of safety is always and only dependent upon the price paid.
The most reliable gains are made through purchases below intrinsic value, a critical factor in limiting risk. Great businesses are not always great investments, and stocks are not always priced to generate "average" returns. An investor's margin of safety is always and only dependent upon the price paid.
Services
We believe ongoing communication and transparency are two of the strongest pillars underlying the trust and confidence of our investors. It is in this spirit that we aim to provide you with more frequent updates on our portfolio strategy and investment philosophy while navigating an increasingly complex market landscape.
From an early age, Chris demonstrated a combination of creativity and problem solving that made his career path crystal clear. He dreamed of becoming an architect, excelled at drafting in high school and interned for an architectural firm based out of a Frank Lloyd Wright home in NJ while beginning his undergraduate study in PA.
Value investing is simple but not easy. It requires a child-like curiosity, independent thinking, and a disciplined process to prevent emotion from corroding the process. It requires an understanding of human nature and the tendency of psychological factors to influence behavior. It requires patience and resilience to hold positions long enough to be right and the humility to recognize when you are wrong.
An organization does not live by its members agreeing with one another at all times about everything. It lives by people committing to. In our last post, The Octopus & The Shark, we explained how too much time hunting like a shark can take a toll. A special thank you to John Heins. Perfectly Confident, by Don Moore, is an excellent resource for decision makers that reads like a sequel to Superforecasting, a BAM favorite first.
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