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We believe that in-depth fundamental valuation-based analysis can produce superior investment results. We invest in publicly traded companies, not sectors or macroeconomic trends. We invest in managers with experience and proven skill that is evident in strong track records.
People make money, things don’t. We thoroughly evaluate how management built a business that produces persistent profitable growth, making it a possible investment candidate. We regularly meet with managers to learn how they will continue to be reliable stewards of our and our clients’ money.
People make money, things don’t. That’s why it is essential for us to know the character and capability of a company’s management before we invest in its stock.
ADP is the largest third party provider of payroll, human resource outsourcing and automobile dealer network management systems...
CME Group was formed in July 2007 when the Chicago Mercantile Exchange acquired the Chicago Board of Trade....
IDEXX Laboratories is the global market leader in diagnostics and information systems for companion animal veterinarians. The company...
Mettler-Toledo International is a leading supplier of precision instruments for laboratory, industrial and food retail applications. Erhard Mettler...
Visa, with headquarters in Foster City, CA, enables fast and secure electronic payments between consumers, businesses, banks and...
QUARTERLY EARNINGS LETTERS
2nd Quarter, 2018
In thinking about the introduction to our comments on your companies’ second quarter earnings which all of us read and re-read, our focus kept returning to the persistent ability of the managements of the companies we own to increase the...
SINCE INCEPTION IN 1999
AIR LEASE CORPORATION
Air Lease (AL) purchases fuel-efficient aircraft directly from Boeing and Airbus, outfits them and then leases them to 81 airlines operating in 51 countries.
Alphabet (GOOG) is the parent holding company of Google, which developed the most widely used internet search engine. Over one billion people each month use Google Search, Gmail, Google Maps, the Android operating system for mobile devices, the Google Play app store, the Chrome web browser and YouTube.
ALZA Pharmaceuticals (AZA) pioneered the development of drug delivery systems such as patches and capsules that control the target, timing and dosing of drugs. Its leading product, Concerta, a treatment for Attention Deficit Hyperactivity Disorder, has a quick release coating followed by a timed release of methylphenidate, a generic drug used to treat ADHD. Johnson & Johnson acquired the company in 2001.
Amdocs Limited (DOX) develops and manages the billing and customer relationship management software and systems used by leading communications companies including AT&T, Vodafone and Comcast.
AMERICAN INTERNATIONAL GROUP, INC.
American International Group (AIG) provides property casualty insurance, life insurance, retirement products, and other financial services to businesses and individuals.
AUTOMATIC DATA PROCESSING, INC.
Automatic Data Processing (ADP) provides payroll, benefits administration and human resources management to small, mid-size and large companies throughout the world. Its Professional Employer Organization provides complete HR and benefits administration to small companies
BECKMAN COULTER, INC.
Beckman Coulter (BEC) develops, manufactures and markets in vitro diagnostic systems found in clinical laboratories. Physicians use the results of these diagnostic tests to identify disease and to monitor human health. Danaher acquired the company in 2011.
Bio-Techne (TECH) develops, manufactures and sells proteins and other reagents used by life science researchers.