PHILOSOPHY INVESTMENT PHILOSOPHY We believe companies become more valuable over time as they grow their sales, earnings, cash flow and book values. Investors benefit from this increased value when stocks are purchased and sold at the right price. INVESTMENT STRATEGY We find companies that have demonstrated the ability to grow sales, earnings, cash flows and book values on a consistent basis over multiple economic cycles. We then value these businesses using a discounted cash flow model and buy these companies when the market price provides a margin of safety and sufficient upside potential.