Through our fundamental, value-oriented investment process, we aim to buy securities of predominantly well-financed companies that trade at substantial discounts to our conservative estimates of intrinsic value. The portfolio is unconstrained by considerations relating to geography, industry, and index, resulting in a portfolio that is built from the bottom up and based on the best absolute value opportunities currently available. We believe that this investing discipline provides investors with a unique portfolio, long-term price appreciation potential, and mitigated downside risks.