We recognize that our success is determined by our ability to both build and preserve wealth. Therefore, managing risk is the key to delivering attractive long-term investment results. Before we consider how much we might earn on a new investment, we always consider how much we might lose.*

We seek durable, well-managed businesses that can be purchased at value prices and held for the long term (average holding period of a stock in the Davis New York Venture Fund is four to seven years).**

We adhere to a rigorous price discipline, and pay careful attention to the valuations and earnings multiples of every company we own or consider for investment.

We believe in patient, long-term investment practices, and are wary of investment "fads." For this reason, we concentrate on the underlying economic and business fundamentals of each investment, and maintain an old-fashioned emphasis on rigorous research.