• The value investing philosophy reflects largely the values of the families we represent. The most important ones are:
  • discipline and rigor
  • thriftiness
  • responsibility
  • subordination to the requirements of a cause
  • integrity.
• The family enjoys owning companies or fractions of outstanding companies whose managers share these values and the long-term orientation. Investments in hedge funds with a 300% turnover or real estate would not be a good fit.
   
• We have learned that in investing in companies these values can give us a head start, in particular:
  • a better sense for detecting managers with corresponding values
  • the internal discipline and rigor to avoid mental biases
  • providing long-term support, particulary in private equity.