Sunday, February 13, 2022 7:13:09 AM
We analyze a company as a private business. The price we pay for a common stock must be at a substantial discount to what we believe the issuer is worth as a private company. We ask ourselves if we would want to own the entire company at the price being offered.
In the absence of compelling investment opportunities, we hold cash.
We invest predominantly in companies with strong balance sheets, an approach that we believe dramatically reduces our risk of permanent loss of capital. The companies in which we invest possess valuable assets, tend to have substantial cash positions, and are typically unencumbered by significant liabilities.
Our research process is relentless and includes regular travel to see management teams, assets, customers, and competitors firsthand.
Because our investments are based on specific knowledge, we have less of a need to over-diversify. We typically invest about 5% of our portfolio in each of our highest-conviction ideas, whereas most mutual funds often invest only 2% in high-conviction ideas. We believe that our best ideas deserve much more of our capital.
Management teams with whom we partner are measured by integrity, drive, competence as operators and capital allocators, and incentives to do right by shareholders.
We invest in corporate bonds, most often supported by hard assets, that offer attractive yields and are protected by rights to claim assets ahead of common and preferred stock.
We do not share the common view that volatility is risk. While volatility can be distressing, it creates exceptional investment opportunities for those poised to exploit it. Further, it offers us the chance to reduce the average cost on our existing positions. We simply believe thorough research and a great price ultimately trump the discomfort of volatility.
We measure ourselves on a rolling three-year basis because the gap between market value and intrinsic value often does not close in one quarter or even one year.
Our price targets are periodically reassessed to account for any events that may impact intrinsic value. When our price targets are met, we sell.
We believe that the temperament to remain steadfast in our analytical conviction, especially when others are consumed by fear or blinded by enthusiasm, is necessary to obtaining superior long-term returns. Further, flexibility must be maintained in order to avoid the pitfalls of overconfidence.
Recent RIBT News
- Form 8-K - Current report • Edgar (US Regulatory) • 06/07/2024 01:15:22 PM
- Form S-1 - General form for registration of securities under the Securities Act of 1933 • Edgar (US Regulatory) • 04/19/2024 08:25:57 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 03/30/2024 01:43:11 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/31/2024 10:01:09 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 01/16/2024 07:36:17 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 01/13/2024 02:51:19 AM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 01/13/2024 01:28:01 AM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 01/13/2024 01:05:01 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/09/2024 01:58:13 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/09/2024 01:53:02 AM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/15/2023 09:26:53 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/02/2023 08:24:34 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/20/2023 08:06:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/05/2023 01:07:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/05/2023 12:55:44 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/14/2023 09:25:14 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 08/31/2023 09:25:49 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 08/31/2023 09:22:11 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/30/2023 09:14:16 PM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 08/24/2023 09:10:54 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/23/2023 08:13:54 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/21/2023 08:33:59 PM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM