I primarily use a value investing approach, focused on cash flow generation and effective allocation of that cash flow. My approach is grounded in fundamental company analysis looking for companies that are priced in the market below what we calculate as their fair value. However, I also occasionally look at growth companies or special situations that seem overly compelling to me. My strategy is one of prudent trading. Trading too frequently simply runs of transaction costs and often leads to sub-par returns. Buy and hold has proven to be less than optimal over the past decade of essentially flat equity markets. My objective to find good companies, companies that I would be comfortable owning for the long-term and buying them when the price is attractive. Conversely, we strive to sell if the price approaches our target and move on the next investment.