I was after managers who follow the value discipline of Ben Graham and Warren Buffett. I wanted emerging deep value, big margin of safety managers. They had to be the right size, less than $100 million, small enough to be flexible but large enough to have proven the commitment and discipline I require for my own extremely demanding investment standards.

When we find a manager who meets these requirements, I call on him in his office. I don’t make just one visit. I make ten. (It takes about two years.) I check his consistency, discipline and commitment to value investing. I check each department and the backgrounds of all principals and department heads.

At the end of the process I know that manager's operation almost as well as he does. Then, if I have confidence in his ability, his integrity and his discipline, I will probably invest some of my assets with him. And I continue to carefully monitor subsequent behavior and performance.

Since 2001, I have found approximately twelve managers that I feel comfortable investing with today. They manage the majority of my liquid assets. Many have asked me to represent them, but I limit it to just a few managers at a time. Today I feel more strongly than ever that the emerging managers I represent, now proven in the market place and unburdened by vast portfolios, are ideal for institutions. If you are a first-time visitor to our website, or if you would like to receive material about our work, please call, e-mail or write to me personally. I love the investment business, and would be very happy to share my thoughts and experience with you.