Our investment activity is guided by the following core principles, formed over the course of decades of private equity investing

Single greatest determinant of investment performance is entry price 

  • Maintain rigorous price discipline on entry, as there is no solution to overpaying
  • Market dislocations create excellent entry opportunities

Industry leaders are generally in that position for good reasons, and broken companies are often broken for good reasons


  • Buy good businesses and invest behind strong managers
  • Do not presume you can fix what others have tried and failed to solve

Stable businesses with strong cash flow profiles make for great investments

  • Avoid fashionable sectors
  • Prize cash flow generation and sustainability

Assume nothing and maintain a meticulous attention to detail

  • Perform due diligence without preconceptions
  • Listen closely to those who disagree

Strong management team is critical to investment success

  • Diligence management extensively
  • Align incentives and create true wealth-creation opportunities deep into the organization

No one ever regrets a conservative capital structure


  • Take less leverage than offered
  • Choose flexibility over pricing

Be aware of the chess pieces on the board


  • Note the various stakeholders surrounding an opportunity and consider how their interests align with yours
  • Look for the exceptional opportunities created when macro forces align

Sell when the sun is shining


  • Waiting for a slightly higher price is a bad risk / reward tradeoff on successful investments

Smart capital around the table leads to better outcomes


  • Partner with other investors who can add value
  • No monopoly on good ideas, no ego and no pride of authorship

An Old-School approach and personal integrity lead to better investment outcomes and opportunities


  • Behave honorably. Reputation as a good partner and honest broker is critical to current and future success
  • Only work with those you respect and trust

There is always another card to play

  • Remain focused during setbacks to optimize outcome