Investment Advisory Firm anchored in enduring principles, managed by experienced investors and reinforced with global investment strategies. 5 enduring principles guide our investing. 1. Valuations matter. Price focus is the best protection. Investments become riskier as their valuations rise. Original price is the most significant factor guiding future rates-of-return for an asset. 2. History is a powerful force. Reversion-to-the-mean – an event where security prices or other data points move back toward their long-term historical average – is the most powerful force in finance. Barrack Yard Advisors believes that valuation in relation to long-term trends is the best anchor. 3. Investment prices will fluctuate. Volatility and risk are not the same. Volatility is the price you pay for liquidity. It creates both buying and selling opportunities, but does not alter a fundamental anchor: Over time, companies we own become more valuable if they continue to manage cash flow effectively. 4. Homework is essential. Careful investment selection trumps random diversification and is an integral component of our risk mitigation strategy. 5. Dividends are important. Dividends make compounding easier: Roughly 40% of long-term stock returns come from compounding dividends. Creative accounting methods do not disguise the fact: cash is real.