We analyze businesses, recognizing that stocks are slices of businesses, not blips on a computer screen.
If you were buying an entire business, would you care more about its prospects this month or over the next five years? You would, of course, take a long-term view. We take the same approach.
Even the greatest business can be a poor investment at the wrong price. We aim to invest in business at prices that offer both a margin of safety and substantial upside.
The world is full of unknown unknowns, and investing requires probabilistic decisions. We acknowledge that we can’t know everything, and we aim to invest such that unknowns result in far more delightful surprises than unpleasant bumps.
If an investing tool can improve upside or reduce risk, investors should make use of it. In addition to individual stocks, our favorite tools are options, shorts, and ETFs, all of which we employ as opportunities arise.
Have a look at our four Huckleberry portfolios