OUR MISSION
To compound our partners’ capital at superior long-term rates by owning concentrated portfolio of high-quality businesses, bought below intrinsic value.
We run the Fund the way we invest our own money. The majority of our family’s liquid net worth sits alongside our partners’ capital, on identical terms. We manage every dollar with the same patience and discipline, free from the quarterly pressures that distort most institutional decisions
FUND MANAGER
- Lifelong value investor in the tradition of Graham, Buffett, and Lynch
- Founder and former principal of his own registered investment advisory practice
- University instructor in investments and financial planning
- Completed PhD coursework in financial planning at Texas Tech, the largest program of its kind in the U.S
- Former portfolio manager and wealth manager at a privately owned trust company
- Continues to run Deep Fork Partners, a separate-account advisory practice
PERFORMANCE
Markets overreact.
We profit from their overreaction.
PHILOSOPHY
Four principles, no exceptions:
Value Focus
Price and value are different; we buy below intrinsic value and exit once price reflects true value
Discipline over Emotion
When the market overreacts to temporary bad news, we build a position at a deep discount
Circle of Competence
We only invest in businesses we truly understand
Time Arbitrage
Unlike most managers, we are not judged on quarterly numbers, so we accept short-term volatility to exploit long-term inefficiencies others cannot
STRATEGY AND PROCESS
A disciplined, repeatable process:
SCREEN
Each week, Value Line ranks roughly 200 statistically undervalued companies from a universe of about 1,700; this is our starting point.
SCREEN
Each week, Value Line ranks roughly 200 statistically undervalued companies from a universe of about 1,700; this is our starting point.
FILTER
Four qualitative screens: industry familiarity, financial strength, capital allocation discipline, business quality.
VALUATION
Enterprise value to normalized free cash flow, and returns across a full business cycle; we do not consider near-term analyst estimates.
CONSTRUCT
Our best 10 to 12 ideas, sized by conviction, expressed through the instrument with the best risk/reward.
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