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June 30, 2018


Dear Reader,


This investment practice adheres to the philosophy of logic, thrift, and minimal frills. The art of stock investing requires patience, discipline, and continuous examination. Through our journey, we intend to provide satisfactory returns on invested capital by staying true to this discourse.

Our view on risk is not defined by stock price volatility but more importantly, a company's underlying financial well-being and business fundamentals. Our belief is that outsized investment gains will be obtained utilizing concentrated positions combined with long holding periods.


Great opportunities do not come often. When they do materialize, we intend to put a substantial amount of our resources behind them.  





Ted Rasa
Portfolio Manager

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