Our investment process is focused on identifying companies with the potential to create shareholder value over an extended investment horizon. One of the most compelling predictive attributes for outperformance is owner-operator management, where a principal or owner (frequently a founder) is directly involved in the management of a company AND has a significant portion of his or her wealth invested in the equity of the business. In this white paper, we introduce the owner-operator concept, providing historical context as well as data supporting our view that such companies are likely to outperform agent-managed companies over the long term.

Download: Owner-Operators Mar 2014