Concentrated Risk

My primary goal is preservation of capital with significant appreciation. I will only purchase stock of companies  with a significant perceived discount to intrinsic value. Proper value investing requires discipline, which may result in my holding a relatively large cash position over extended periods. This may cause under-performance during speculative markets. My goal with this model is to outperform the S&P 500 over an entire business cycle, typically 8 years.

• Manager
• Benchmark
• S&P 500