Pari Washington

The firm believes even the most complex of issues, after digging into details and comprehending their underlying nuances, can and should be distilled into the answering of two simple but fundamental questions: Is the business being evaluated likely to be around 10 years from today with its vitality intact, at a minimum? Is this vitality growing, even accelerating? Is the business available today at a price the firm deems acceptable in relation to its intrinsic value? The firm's quest for value is not complete when the firm's research leads the firm to an excellent investment opportunity. Instead, the firm's journey will have just begun. It's in the firm's ability and willingness to hold onto such a business for the long term, that the firm is able to open up an incredible vista: the power of compounding. A fundamental pillar of the firm's strategy is concentration: The firm is happy to run a concentrated portfolio when the firm's conviction levels are high.