Being allowed the luxury of focusing on the long term is as important as having the right investment philosophy. A value-oriented philosophy is in itself a disciplined way of buying and selling securities based on their market values relative to their intrinsic values. By adopting this methodology, we adhere to a strong and focused buy and sell discipline. Our investment philosophy relies closely on the value investment philosophy. We believe that the value investment philosophy represents rather a framework than a specific and precise formula. In this context our approach is our own unique manifestation of this general and broad framework.