At RVP, we view stocks as ownership in real businesses, and think as private owners would. We do not view our interests in these businesses as tickers to be flipped about on the fluctuations of the market and noisy headlines.

The foundation of our philosophy is to approach the purchase of a stock as if we were buying the entire business outright and retaining management. By putting ourselves in the shoes of an owner, we’re able to stay focused on the long-term drivers of the business and maintain an informed view of intrinsic value.

Unlike private markets, public markets (by virtue of easily available daily price quotations) are often susceptible to wild fluctuations in investor psychology. At times, these fluctuations bring about fantastic opportunities to purchase businesses at bargain prices that would not have been available through other venues.

By maintaining our business-focused approach, we are able to take advantage of these fluctuations when they arise, and generate superior long-term returns for partners.