Forward-Thinking Investment Approach

Anticipating Market Opportunities

Vail Capital adopts the investment concept of variant perception. This is based upon the discipline of thinking ahead of the curve and anticipating the likelihood of an event occurring that isn’t currently realized by the market.

Identifying New Ideas

We endeavor to focus on investment ideas that we believe haven’t been recognized by the market and capitalize on this yet-unrealized potential.

Pursuing Long-Term Value

We focus on investing in businesses that have the potential to grow in value over time and when we can own them for less than they are worth.

Tracking Management

We believe it’s crucial to invest in the right core strengths of a business, its financial structure and its management. We recognize that management matters and want to confirm management’s interests are properly aligned with shareholders’, particularly regarding corporate governance and capital allocation.

Seeking Quality Businesses

We favor high-quality businesses characterized by low cyclicality, secular growth, high returns on capital, strong, free cash flow generation and excellent reinvestment opportunities.

Turning conservative after a crisis smacks of closing the barn door after the horse has left, but it’s a regular feature of investor psychology. HOWARD MARKS