We seek long-term capital appreciation through active investments in companies with the following attributes:

• Important market position in a defensible business niche
• Proprietary products or services with proven market acceptance and low technology risk
• Margins indicative of a dominant competitive position or high franchise value
• Established businesses with demonstrated histories of product innovation, high level of customer satisfaction, or an efficient sales channel
• A management team that defines and meets objectives
• Strong operating income or predictable cash flow
• High quality assets, which may include redundant, underutilized or hidden assets
• The ability to grow organically or via acquisitions