Investment Guidelines

  • Invest where we possess competitive advantages.
  • 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.
  • Recognize that superior returns often require contrarian thinking.

Measurement of Our Corporate Success

  • Measure success over the long term by total return on capital.
  • Seek profitability rather than growth, because size does not necessarily add value.
  • Encourage calculated risks, but compare returns with risk.
  • Sacrifice short-term profit, if neccessary, to achieve long-term capital appreciation.

Business Philosophy

  • Build the business based on honesty and integrity in order to enhance our reputation.
  • Attract and retain high caliber individuals who will grow with us over the long term.
  • Ensure our people think and act like owners in all their decisions.
  • Maintain an open exchange of information and strategies with all constituencies.