Our investment philosophy is simple. We stay within our circles of competence and turn every stone to find quality businesses that generate significant cash flow. We find lots of great companies, but we often cannot justify paying a premium for the cash generated, so we are patient in identifying opportunities to deploy capital when the market becomes fearful. We look for management teams with great track records of delivering results and being honest in their endeavors. A great business does not have to use parlor tricks to sell you on anything; their reputation speaks for itself. We don’t research companies because it is our job; we research companies because we’re an odd bunch of intellectually curious individuals who love what we do.