Our investment philosophy is based on the concept that the expected flows of cash to owners of stocks and bonds create a core value that is independent from the quoted market price of such assets.

Because markets are emotional, buying opportunities arise when assets are priced far below their core value, and selling opportunities appear when assets are priced far above their core value.

If we are accurate in our assessment of core value and diligent in executing our strategies, we should provide better than average profits with meaningfully reduced risk.