Our philosophy focuses on achieving absolute performance and capital preservation over the long term by investing in businesses that are attractive based on their own merits, without regard to their position in a benchmark index. We also feel that portfolio performance should not be constrained by a bias to a particular market capitalization providing sufficient capital can be committed.

At Rockledge, we believe that the equity market is generally efficient in the long run, but that short-term disparities between price and value are often created by market psychology, lack of research coverage, investor impatience and temporarily depressed earnings.

As long-term investors, we ignore short-term fluctuations in market prices and concentrate on the underlying value of a company's assets and operations. Our portfolios aim to profit from the market's recurring tendency to excessively discount short-term events.