INVESTMENT PHILOSOPHY

Cash and Cash Equivalents

While cash is our least preferred option for allocating capital in most circumstances, from time to time we find ourselves with more capital than good ideas. Rather than being undisciplined by deploying our capital into opportunities that we would consider to be of inferior quality or with unfavourable risk versus reward characteristics, we will hold such excess capital in cash and cash equivalents while we continue to search for superior return opportunities into which to allocate capital. When holding such investments, our overriding concern is to both minimize interest rate risk and credit risk to the greatest extent possible.

Some Final Thoughts

We have many years of experience in applying this investment philosophy for our investors. We focus on the investment process and not the outcome, knowing that proper execution of this approach will lead to satisfactory results over time. We are enthusiastic and excited by the challenge of researching and selecting investments. We maintain a healthy dose of skepticism and remain flexible enough to change our minds if circumstances change. We are committed to learning and getting better and are always looking for ways to improve our investment skills over time. We set incredibly high standards for ourselves and are never totally satisfied with our results. We owe our investors nothing less.