First Quarter 2012 Update: A Focus on Mispricings

A Focus on MispricingsCompounding should be the overarching mission of investing activities for capital with a multiyear time horizon. Toward this mission, we look to allocate capital to the highest asymmetric expected return opportunities – those investments which share the highest internal rate of return (IRR) and highest confidence around margin of safety. While this stated mission is simple, in practice it proves challenging, as the universe of prospective investment ideas is infinite and … View PDF