Focused. Unique. Long-Term. Value. Diversified. Patient. Strategic

The words that appear on  this year’s annual report to shareholders define who we are, and the value investing principles that remain at the center of all of our investment and management decisions.

It’s been our experience that by following these principles, we can achieve significant value appreciation for our shareholders.

If you’ve read our letter in prior years, you know that we have thrived to achieve attractive long-term returns for our shareholders on the twin foundations of value investing and conservative financial management.

These core principles can be boiled down to four strategies for growth in shareholder value over the long term. Specifically, we strive to:

  • Manage our businesses and resources conservatively, making sure that we understand and are compensated for whatever risks we take;
  • Be responsive as circumstances change and markets evolve, which allows us to position our subsidiaries to thrive, and to acquire assets and companies at attractive prices;
  • Maintain a strong liquidity position at all times, so that we can both protect ourselves and seize opportunities when they arise; and
  • Take advantage of opportunities presented by business cycles, investing in and strengthening our subsidiaries during down markets in preparation for the next market upswing.

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