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The Language of Investing

So much of our conversation assumes that each word has only one meaning, no matter who uses it.  But my experience is that different people have different definitions for the same words–which is one reason I think there is so much confusion surrounding investing...

Thoughts on Active and Passive Investing

I had the opportunity to talk with students in the Finance Department at Duquesne University about Active and Passive Investing. We covered a LOT of ground in a short period of time and ran into the problem of trying to drink from a fire hose. So, I’m writing on the...

Our Investment Process

Owning Good Companies We are only interested in owning good companies, but we can turn a good company into a bad investment if we pay too much for it. We use a business-like evaluation of each company designed to identify what a company is worth as a business. Return...