Aquamarine Fund is a long only global value fund. Focus is on investing for long term capital appreciation and capital preservation for investors. Seek to run a concentrated portfolio of equity investments with the goal of acquiring companies with outstanding long-term economics at a reasonable price. Potential investments are often selected initially using a thematic approach, taking investment successes from one industry or market and applying it to another. We perform intensive research on a relatively small universe of companies, predominantly in North America, Europe and Asia, which fit our financial and business criteria. Investments are made when there is sufficient margin of safety between the company’s market price and its intrinsic value. Goal is to outperform most equity indices by 5%-15% annually over a 3-5 year time horizon. Use minimum leverage and not bound by market cap size. Typical investors include high net worth individuals, family offices and private banks.