Invest in our very best ideas and leverage those ideas by maintaining portfolios that are reasonably concentrated.

• A willingness to look in all corners of the market for opportunities – small, mid, and large stocks. We do not set limits on the size of our “fishing pond.”

• We do not regard ourselves as “growth” or “value” investors. We believe it’s possible to combine the best of growth and value investing.

• The importance of a consistent, disciplined, unemotional process for buying and selling stocks.

• Addition by subtraction – avoiding what we believe are the very richly valued or very low-quality stocks that can torpedo a portfolio.