I focus on managing a portfolio that will guarantee above average long term returns whilst ensuring capital preservation. This is to be achieved while maintaining the following strategic allocation. Compounder stocks with a midcap bias -48% Buy and hold wide moat stocks that produce high annual returns on net tangible assets without requirements for large annual capital expenditures and that have management teams committed to returning excess capital to shareholders. Buy conservatively managed insurance companies i.e. consistently generate underwriting profits and that have a history of utilizing their float to earn above average returns Bonds-12% Offer income and portfolio stability during periods of economic contraction. They also act as portfolio diversifier Other strategies-10% Include special situations, turnarounds, commodities, momentum, GARP and inverse etfs. No short selling as the downside is unlimited but the profit is limited to 100%. There will be no use of leveraged etns and etps. Cash-30% Act as portfolio loss mitigation tool and provides optionality This portfolio will aim to keep turnover low and be reasonably diversified across asset classes, industries, geographies, stock categories and time. Extreme patience will be exercised in buying securities and no holding should exceed 10% of the portfolio. Compounders will be bought at ‘no risk’ prices i.e. approximately 10-15x FCF or at a P/TBV of 1 or lower(insurers) whereas special situations will be purchased at a margin of safety to the intrinsic value I aim to select stocks that can be held forever so as to take advantage of compounding and ensure maximum tax efficiency. I will, however, sell any of the portfolio's stocks if one or more of the following conditions are met: SELLING GUIDELINES COMPOUNDERS There has been a material adverse change(s) in the business or its industry since the time of purchase, which significantly threatens its competitive advantage, reduces its intrinsic value or worsens its risk profile. If, for an insurance company it fails to generate an underwriting profit for three consecutive years. If the management significantly cuts back on shareholder returns and refocuses on aggressive and expensive acquisitions (empire building). There is a significantly more appealing opportunity on the market and the cash percentage is at the minimum strategic allocation threshold. In this scenario, I may sell the least attractive holding if the risk reward profile of the new entrant is excellent. BONDS AND OTHER STRATEGIES The price has risen above the asset’s intrinsic value as I’ve determined it. If the expected return does not compensate for the risk incurred while holding the asset.