At L.R.L. Capital, a primarily long fund: • WE HEW CLOSELY TO A LONG-TERM VALUE INVESTMENT PHILOSOPHY, a disciplined approach, and a sound framework that is backed by our proprietary valuation models, each of which have proven, in conjunction, to substantially enhance the probability of achieving above-average returns over the long term. •OUR DISCIPLINED APPROACH DEMANDS (1) a concentrated portfolio, in recognition that good investment ideas are few and far between; thus, our concentrated portfolio keeps us immunized from the epidemic that has infected so many larger, kitchen-sink-approach firms…that is, too many dollars chasing too few good investments (it is a direct result of this epidemic that the return-performance of most large money managers suffer); and (2) that price determines one’s return and is, therefore, a critical element of any investment decision, especially when entertaining growth propositions (comprising a small percentage of our overall portfolio allocation). We avoid overpriced assets even when the company, otherwise, appears promising. Please visit our website or contact us at info@lrlcap.com for additional details and information.