This manager commentary provides insight into our philosophy and the key tenets that have consistently underpinned our value investment approach. These excerpts are not all-encompassing, although in total they should provide a clear sense of “how we think” and our application of a value investing philosophy as pioneered by—among others—Ben Graham, Warren Buffett, and Charlie Munger.

The purpose of C&B Notes is to pass along ideas, concepts, stories, and information that are informing and influencing our worldview and “latticework of mental models.”