Mayar Fund

Fund Investment Objectives

We are patient and disciplined. We do not view ourselves as investing in little pieces of paper that trade in stock markets. Behind every stock there is a real business and we, the shareholders, collectively own that business. This mental framework drives our decision-making process. We look for companies with understandable, sustainable, and ethical business models that have: Favorable long-term prospects, significant barriers to entry (moats), a strong financial position (low debt, ample cash flow), superb management, trading significantly below our estimate of intrinsic value. We place significant amounts of our capital into such rare opportunities and continue to own such companies as long as these conditions are satisfied. The Fund seeks to achieve satisfactory returns over the long term (which we define as 5-10 years) by applying a disciplined value investing strategy to the selection of securities in global financial markets. HURDLE: Performance of the MSCI World Index