We have seen many periods when market conditions and valuations offered few opportunities that were of genuine appeal to us. However, there are times when we can buy what we consider solid businesses with long-term prospects that the market appears to have overlooked. When these occasions arise, we strive to take full advantage of them. Our disciplined, value-oriented approach seeks out businesses that offer return potential with a margin of safety (the discount of market price to our estimate of intrinsic value). This to us is the essence of prudent, long-term value investing.