Our investment vision and capital management process are built entirely on the principles and methods founded by B. Graham and D.L. Dodd in their work "Security Analysis". When looking for investment opportunities in the securities market, we primarily conduct in-depth studies of companies and their business. Based on careful research, we estimate the fair values of companies' securities, depending on varying security-holders' rights to property, income, or debt of those enterprises. With this approach, the price of a security is a decisive factor for us; a market price can be both unacceptably high and generously low.

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The securities market is secondary to us, and we refrain from reacting to short-term price fluctuations. In the short term, we consider the stock market to be a public "voting machine rather than an accurate and efficient estimator of value". We always look to the long term when the fair value of a security is ultimately reflected in its price.