♦ The best way to achieve superior investment returns is to stay fully invested.
♦ The key value in a company stock is the present value of future cash flows – price will vary, but cash received is real.
♦ In finding companies generating strong cash flows, with good growth prospects.
♦ Capital protection is paramount: short term fluctuations are irrelevant – permanent impairment is not.
♦ Our focus should be on each company, not the market.
♦ Portfolios of companies should be a combination of selective focus, and a diversity of industries.
♦ In an industry of numbers, strong people management remains fundamental.
♦ We must understand the business being selected for investment.
♦ True investment thinking and patience, will produce significant wealth.