Don’t Put All Your Eggs in One Sector Forget Benchmarks. Estimated Value is More Important

Look for a Trail of Negative Earnings

Investing is often about knowing your strengths and we've learned that we're better at spotting profitable, unglamorous, under-valued companies than we are at identifying traditional turnarounds – by which I mean money-losing companies we expect to get back into the black. As a result, we set a guideline for ourselves that no more than 10% of the portfolio will be in companies with negative trailing 12-month earnings.