Investor Guidelines
- Invest where we will gain a competitive advantage.
- Acquire assets on a value basis with a goal of maximizing return on capital.
- Build sustainable cash flows to provide certainty, reduce risk and lower the cost of capital.
- Measure success over the long term by total return on capital.
- Seek profitability rather than growth, because size does not necessarily add or create value.
- Encourage calculated risks, but compare returns with risk.
- Sacrifice short-term profit, if necessary, to achieve long-term capital appreciation.
- Recognize that superior returns often require contrarian thinking.
