Our research process begins with a thorough qualitative assessment of business fundamentals, including market and regulatory structures, competitive environments, and barriers to entry. We focus our analysis on identifying high quality assets with the ability to generate durable and growing cash flow streams. Companies that fit our investment criteria are then scrutinized by management quality, capital allocation, and governance. Valuation analyses are performed in the context of industry, market, and idiosyncratic factors. Individual analyst recommendations are thoroughly vetted for merits and risk via internal peer review. Ultimately, we strive for of a consensus-driven approach to security selection.