Process

Our investment process is unique in its application of conventional tools.  While we make use of quantitative, fundamental, and macro research as many other managers do, we do not apply these methods in a linear, sequential manner.  Instead, we view each method as one possible perspective from which to evaluate a company.  As a result, we use the insights gained from one perspective to enhance the insights gained from a different perspective and so on, iteratively, until we are satisfied we have a reasonably robust view of the company and the distribution of possible outcomes for its stock.  Our quantitative process, in particular, allows us to quickly identify sensitivities of any given business model to various factors and therefore to focus our subsequent research efforts.  As a result, we believe we are able to achieve very high levels of productivity from our research resources.

Masthead photo source: 2005 NASA