RCB identifies potentially attractive "value" opportunities through the use of systematic screening tools as well as qualitative industry research (e.g. company visits, trade journals, etc.). This is the starting point for extremely in-depth, in-house financial analysis. Valuation analysis is crucial and, therefore, in order to avoid falling into the trap of using only one or two narrow measurements- such as price-to-earnings, price-to-book, dividend yield, or price-to-sales- RCB utilizes a number of tools to build a comprehensive picture of the underlying value and associated risks.

A stock purchased by RCB represents the best combination of valuation, business attractiveness and management commitment to shareholder value that we can ascertain. We have always been wary of strict "investment management by numbers" as our investment represents a small piece of a live business which is run by real people. RCB monitors corporate governance trends carefully and is prepared to actively represent the interests of our clients.

We believe that a relatively concentrated portfolio of 25 to 30 stocks provides more than adequate diversification and allows our best ideas to have a material impact on the portfolio. Additionally, a concentrated portfolio helps focus the investment team on careful and long-term investment decision-making. Our long-term approach also assists taxable clients in achieving the highest possible after-tax returns on their assets.