Do the analysis and think independently

In 1965 Warren Buffett wrote in his letter to investors in the Buffett Partnership: “We derive no comfort because important people, vocal people or great numbers of people agree with us. Nor do we derive comfort if they don’t. A public opinion poll is no substitute for thought.” It is also important to understand that being contrarian does not make you a good investor. Many investors have caught “falling swords” by seeking to be contrarian when other investors are panicking. We undertake extensive analysis before making a contrarian investment call in order to avoid catching the falling sword. Our investment returns over time will depend on whether our analysis of the economics and competitive positioning of a business is correct. Benjamin Graham stated: “You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.” click to see the Annual Investor Report. (VIEW LINK)