The managers engage in a three step approach (the fund managers are 100% focused on U.S. listed equities, including ADRs). First, an analysis of the broader market is conducted by analyzing relevant business cycle and macroeconomic data. Second, the managers seek to find the best fundamentally sound stocks with solid quarter-over-quarter EPS and sales growth rates, high returns on equity, consistent three and five year annual earnings growth, and market leadership in their respective fields. The managers are seeking equities that have the ability to grow and maintain a solid, defensible moat while continually expanding within their industry. Lastly, the managers examine sentiment and psychology to understand the overall perception of market investors. The managers aim to be contrarian at key turning points by accumulating shares of the equities described above at very attractive levels.