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.
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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.
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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.
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