I am a long-term, value-oriented investor. My goal is to find companies with a durable competitive advantage and the capacity to generate above-average returns on invested capital. To this end, my favorite stocks are those which trade for low EV/EBITDA valuations, ideally with high cash returns on invested capital. (CROIC). My investment methodology is simple. I look for stocks that have: 1) An economic moat that can stand the test of time and competition. 2) Managers who are focused on capital allocation, primarily the return of investor capital via repurchases and dividends. 3) An understandable and predictable business model. 4) A float obtained from the prepayment of customers, or slow payment of accounts payables, which allows for an effective form of low-cost financing. I have actively managed my own concentrated portfolio of equities for more than 8 years. My interest lies in boring, predictable businesses that spew off cash flow that can be returned to the owner. You won't find tech companies or pharmaceuticals in my portfolio; I'm much more likely to own consumer staples than cyclical businesses. For much of history, Wall Street has overpriced growth and discounted value. For the defensive investor, this means outsized returns with less risk. I aim to find and take advantage of this mispricing.