KAM is looking for two distinct types of investment:

• Exceptional companies trading at a discount to their intrinsic value
• Good companies trading at substantial discount to their intrinsic value.

Having completed research on a company, a buy is triggered only when KAM is fully comfortable that we have found a quality company with an identifiable business franchise and that the stock is available at a valuation which offers an attractive risk/return profile. 

Choosing stocks that exhibit these attributes tends to reduce the possibility of interim losses whilst we wait patiently for the underlying value to be recognised by the market.

There are times when few excellent investment opportunities exist, and other times when opportunities are abundant.  In waiting through the lean times, KAM will be prepared to take advantage of the times of abundance.