We do not invest in public markets and therefore have a high probability of identifying inefficiently priced assets. Regardless of opinions relative to the Efficient Market Hypothesis, we have proven this Hypothesis definitely does not exist in or apply to private, illiquid markets. This is the starting point of our analysis and discovery process.
We cannot time markets. We do not believe anyone can. We buy assets and companies that we are reasonably confident will be worth substantially more money at the end of our holding period.
We have shown many times that our client’s goals can only be achieved when our team is performing optimally. Teamwork, pride, personal and professional growth and enjoyment all enhance the workplace and lead to exceeding client goals.
Goal attainment and profitability can only be met by benefitting our customers. Deals for their own sake or short term thinking are to be avoided. Profit without partner’s profiting is not beneficial in the long run.
Trying to determine where markets are heading is a fool’s game, therefore we seek opportunities that accomplish the following goals:
Of the two, the first goal is by far the most important. If we try to guess where interest rates, rental rates, the price of oil or other market factors are headed; we have lost even before we start. We control all factors that are within reason through superior market knowledge, conservative capital formation and underwriting with an eye on our first goal.