Portfolio Updates

Feb 17, 2017

Creston Creston, a smaller holding, was bought out by its largest shareholder in November. While we were cautious of this shareholder’s intentions, we had been comforted by the presence of unrelated large shareholders, whom…

Cooks in the Kitchen

Feb 16, 2017

We are often asked about the impact of operating an investment program with multiple decision makers. Even Mr. Buffett and Mr. Munger have questioned the efficacy of investment committees in the management of portfolios.…

Things That Don’t Make Sense

Feb 15, 2017

“One of the key things to investing, and I think this is a life truism, is to be aware when you hear a voice in your head that says, and you usually squint your…

Our Greek Addition

Aug 06, 2016

We’ve been following the drama in Greece closely for the better part of three years, and during that period we’ve examined a number of businesses there. Recently, on a European diligence trip, Matt visited…

UK Outlook: Defer to Howard Marks

Aug 05, 2016

We are willing to invest in a number of countries around the world as long as we believe we are receiving good value for the capital we commit to an investment. In general, we…

Why We Initiated a Position in BrainJuicer

Apr 26, 2016

During the quarter, we initiated a position in BrainJuicer Group PLC, based in the United Kingdom. We’ve admired the company and its founder, John Kearon, for a couple of years, but hadn’t been comfortable…

Opportunities Can Move Quickly

Apr 26, 2016

Mr. Market couldn’t seem to make up his mind in early 2016. Ben Graham famously instructed investors to consider the stock market as a character named Mr. Market who was your partner in business.…