• Invest our own money as we do our clients’ money

• Protect client capital from loss or sub-par returns

• Once assured capital is protected, maximize returns

• Keep fees and taxes low relative to returns

• Establish intelligent and realistic return expectations

• Distinguish between investment and speculation

• Adhere to the margin-of-safety principle

• Invest only in what we understand

• Exercise diligence and independence in our analysis

• Stick to our stated strategy

• Tell the truth and avoid conflicts of interest