OUR INVESTMENT APPROACH

Measure risk

• All our investment evaluations begin by measuring risk, especially reputational.

Be independent

• We try to identify proprietary opportunities based on our own ideas and perceptions.

Have intellectual humility

• We aim to focus on the areas we understand and avoid those we don’t.

Rigorous analysis

• Use effective checklists to ensure opportunities meet our criteria.

Allocate assets wisely

• The nature of our business means when we like an investment we often deploy a large amount of capital.

Have patience

• One of the biggest risks in investing is the natural human bias to act.

Be decisive

• When great opportunities present themselves, we try to act with conviction.

Be ready for change

• As contrarian investors we seek new areas of opportunity.

Stay focused

• We try to avoid chasing the small unimportant things and rather focus on the large and critical factors.