We were built over half-century ago upon the foundation of a value investment philosophy. Starting with a modest pool of friends’ and neighbors’ capital, our founders strove to invest with a margin of safety for clients they knew they would see in person almost daily. Our business has grown and evolved, but the basic tenets of that value approach and the dedication to our clients and their interests are as strong as ever. In aggregate, free markets do a great job of efficiently allocating capital across a complex and dynamic economy. Those same markets frequently misprice individual securities based on imperfect information, impatience, and the irrational instincts of crowds. We believe a great investment opportunity comes into focus when this mispricing creates a margin of safety – the point at which the intrinsic value created by future cash flows protects against the probability of permanent loss of capital.