Investment Guidelines
Invest where we possess competitive advantages
Acquire assets on a value basis with a goal of maximizing return on capital
Build sustainable cash flows to provide certainty, reduce risk and lower our cost of capital
Recognize that superior returns often require contrarian thinking
Measurement of our Corporate Success
Measure success based on total return on capital over the long term
Encourage calculated risks, but compare returns with risk
Sacrifice short-term profit, if necessary, to achieve long-term capital appreciation
Seek profitability rather than growth, as size does not necessarily add value