We are fundamental investors guided by the simple idea that when we invest in an equity security, we become part owners of a business. Our approach to investing is further guided by a set principles, analytical methods and a decision making process that is designed to withstand the test of time. In the end, the most important determinants of both risk and return are the future value of the part ownership stake in the business we have purchased, and the price we paid for that part ownership stake. Since the future is impossible to predict with any reasonable degree of precision, we are cautious when assessing future business values and what we believe to be a reasonable price to pay for that business value today.