While the market chases NVIDIA, we hunt through the bargain bin.

Imagine Mrs. Jones at the grocery store. She sees bananas on sale for one dollar a pound instead of the usual two. She is immediately attracted to that, because she is getting a good deal.

That is value investing. Stocks selling for less than they are worth. We specialize in smaller companies precisely because fewer analysts cover them, which increases the odds of finding something genuinely mispriced.

Value stocks are usually cheap for a reason. Some problem has spooked the crowd; some narrative has soured. The value buyer must look past it, do the work to assess what the business is really worth, and have the patience to wait for the market to catch up. It is, by reputation, boring. It is also how the great long-term records get built.

We avoid commodity producers and bank stocks. Lehman, Silicon Valley, First Republic: history is full of decades-old financial firms whose true exposures only became clear too late. We stick to businesses we can understand, with clean balance sheets and real cash generation. No leverage, no shorting, no derivatives.

A pushcart operator on the streets of New York can tell you that a good business is one where there is more money in the till at month end than there was at the start. We seek to own cash-generating businesses.