We believe that our goal is not superior investment performance but superior performance with less-than- corresponding risk. Over performance in good times is not necessarily proof of a manager's skill as it takes superior performance in bad times to prove that those good-time gains were earned through skill and not the acceptance of above average risk.

We believe that a superior record is best built on a high batting average rather than a mix of brilliant wins and debilitating failures. Thusly, oscillating between top-quartile results in good years and bottom-quartile results in bad years is not a financial plan.

We believe that consistently excellent performance can only be achieved through superior knowledge of company specific fundamental data married with historical technical data in tandem with portfolio hedging as a defensive tool to help us avoid dangerous concentration, rather than as an aggressive weapon expected to enable us to hold more of the things that do best.

We believe the highest priority should be on preventing losses and that if we can avoid the big losses, the winners will take care of themselves.

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