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Our investment process centers on the application of principles first
articulated in 1934 by the founders of modern security analysis, Benjamin
Graham and David Dodd. We begin the process by focusing on companies which
dominate their markets and demonstrate an ability to generate substantial
free cash flow. Our goal is to identify companies in the public market that
are selling at a discount to their intrinsic or private market values. Over
the long term we strive to achieve annual returns of ten percent above
inflation for our clients.
Our analysts narrow the universe of potential investment candidates to a
short list of the most attractive companies. All publicly available company
material is reviewed, including annual reports, 10-K s, 10-Q s, and proxy
statements.
Each analyst develops an operational understanding of his industry. The
analysts hone this expertise by continually talking to competitors, suppliers
and customers. They also develop and maintain government and trade sources
to derive an overall understanding of their industry. In addition, our firm
host's a number of industry seminars, wherein the top executives of the leading
firms share their insights with the investment community. |
Mario J. Gabelli with
Prof. Roger F. Murray
(left), Author of
Graham & Dodd's
Securities Analysis
(5th Edition) |