We live in extraordinary times. Traditional business models are being challenged. New business models are threatening existing businesses. This creates opportunities for value investments in distressed industries.

We find Equities with sustainable business models, with high quality moats around the business, sincere management, and consistent track record with an earnings machine, currently selling at a discount to their real value. Our investments will be chosen on the basis of value, not popularity. We may buy companies that are currently out of favor, but we are confident that the market will soon realize their real potential. We will attempt to bring risk of permanent capital loss to an absolute minimum by obtaining a wide margin of safety.