Business Strategy

• Invest where we possess competitive advantages.
• Encourage calculated risks, but compare returns with risk.
• Measure success over the long term by total return on capital.
• Recognize that superior returns often require contrarian thinking.
• Acquire assets on a value basis with a goal of maximizing return on capital.
• Sacrifice short-term profit, if necessary, to achieve long-term capital appreciation.
• Seek profitability rather than growth, because size does not necessarily add value.
• Build sustainable cash flows to provide certainty, reduce risk and lower the cost of capital.