We look to buy companies selling at discount to intrinsic value. We aim to minimize the risk of permanent capital impairment by seeking a large margin of safety and asymmetric risk/reward opportunities, or as Mohnish Pabrai describes “Heads I win, Tails I don’t lose a lot”. We tend to focus on underfollowed areas of the market, where larger discrepancies between price and value may arise. We look to gain an informational edge through critical thinking, deep research, and scuttlebutt. We focus on companies where we can have a solid understanding of the underlying business model but are constantly looking to expand our circle of competence.