We estimate a company’s intrinsic value by reconciling its risks (industry risk, regulatory risk and company specific risk) and cash flows, with the nature of its business and competitive position within its industry. We invest in companies where their intrinsic value are well below market price. Our portfolio will be biased towards companies that can scale (heavy reinvestment is not necessary for growth) and have a sustainable competitive advantage. Companies with these characteristics trading at a bargain are hard to find. Our likelihood of finding these bargains are substantially increased by being able to search where large hedge-funds cannot; smaller to mid-sized firms, spin-offs, certain mergers – anything that will likely fall well outside of most analyst coverage. We believe that a portfolio structured with 10-16 of these convicted investments will compound at a rate substantially greater than the market over time.