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Chuck Royce: We, I guess, would always be examining our principles here but we very
clearly, and I think with strong reason, believe that quality will give us the kinds of returns
that are appropriate for the risk that we are undertaking.
Whitney George: Our insistence on balance sheet strength is very important when you
don't know kind of what the time horizon is or how long things will be difficult, so you
want to make sure you can finish the race because you can't win unless you finish it,
so you’ve got to have companies, you know, who are going to survive. Then those that
generate free cash by high returns, they are more capable to give you some return in the
form of dividends or maybe take advantage of low valuations and buy back stock. Or maybe
even make acquisitions and grow their business when organic growth is very hard to come by,
and I mean they still have the tool set that I think that you need to get through a difficult
period and come out on the other end in good shape and so we have not changed what it is
that we are interested in or any of our disciplines. They intuitively make as much sense now as
they ever have. I think it is a matter of waiting this out and buying the best companies
we can buy at the sharpest valuations and to the extent that new great valuations are
created.