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       We are two brothers who enjoy the intellectual exercise and competition of investing. Although our formal educational backgrounds are in engineering, finance, and statistics we have since borrowed heavily from other fields - psychology, sociology, economics, and history - to form a multi-disciplinary approach with which we observe markets and assess company fundamentals. We have also drawn from games like chess and poker that have established decision-making frameworks. Our goal is to continuously improve the core heuristics model we call our brain by unlearning, discarding, and ultimately replacing borrowed ideas and concepts with what we hope is a more deliberate, differentiated, and ultimately better way of viewing our universe of stocks. We will always be work-in-progress-guys that are relentlessly striving for objectivity in a world of biased opinions, wildly diverging social media world views, and frequent technological upheavals. 

       Our investment strategy is focused on estimating a company’s intrinsic value by weighing its risks (e.g. industry risk, regulatory risk) and cash flows against the nature of its business and competitive position within its industry. We invest in companies that have an intrinsic value well above current market prices. The portfolio is biased towards companies that can scale (heavy reinvestment is not necessary for growth) and have a sustainable competitive advantage. Companies with these characteristics trading at a bargain are hard to find. The likelihood of finding these "wonderful companies at a fair price" is increased by searching where large hedge-funds cannot; micro to small-sized firms, spin-offs, certain types of mergers – anything that will fall well outside of analyst coverage. We have a process for achieving a high internal conviction in this class of company, and we believe that a portfolio structured with five to ten high conviction investments will compound at a rate substantially greater than the market.

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