We believe that an unconstrained universe offers more attractive potential for the enterprising investor willing to apply diligence in the search for great investment ideas. In searching for and implementing investments we primarily focus our efforts in North America and, to a lesser extent, Europe. We are agnostic as to sector or market cap.
However, the result of not investing in what we are not able to understand greatly reduces our universe. We also keep our focus on the “tails” of this universe where we can find securities exhibiting the best or worst combinations of business model, expected growth, return on capital, cash flow and valuation characteristics.