Security Selection
- Follow rigorous investment philosophy as promulgated by Benjamin Graham
- Mitigate risk primarily via security selection criteria
Portfolio Construction
- Own companies with a built-in margin of safety, which perform well in all types of markets
- Own less than 15% of a single company
- Hold cash when unable to find securities which meet our rigorous investment criteria
Ongoing Monitoring
- Analyze company-specific risks
- Test for macro exposures and other stress points
- Impose position size ranges by company (rebalancing)
- Review individual portfolio holdings