As owner-minded investors, we prefer investments that have the following attributes:

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• Markets with potential

• Superior financials and re-investment opportunities

• Competitive advantages and pricing power

• Managements we trust and admire

• Attractive valuations

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Investing in the undervalued equity of high-quality businesses allows us to derive our investment returns from two potential sources:

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• The internal performance of the business (the operating results)

• The market’s “revaluation” of the business (multiple expansion)