What is a Sensible Price?


One of the noticeable aspects of our investment style is that we are comfortable paying multiples for our investments that can appear high relative to the broader market. This reflects investment into companies we feel will be able to sustain high quality earnings growth throughout the full economic cycle with businesses that provide a decent level of predictability. We feel the idea of paying more for growth often gets confused, and that the difference between quality growth and less certain growth is generally underestimated.