AUM Investment Approach

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■ S,arge market opportunity - cornerstone for profit compounding
/~arket Opportunity ■ Size of pond vs s\ze of fish
■ Less about "what is"; more about "what can be"

■ ~imple model , leadership

~usi~ess Quality ■ Volume growth at least 2-3x GDP growth
■ Low capital intensity, high efficiency
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■ Consistent and predictable growth
· Earnings
■ Operating cash flow finances growth

■ Demonstrated capability, "X factor"

. --, :: ■ Scalab~
. Management Quality ■ Good governance
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■ ~ kin in the game

■ Margin of safety important

■ Superior business at "reasonable" price rather than inferior business at
· Valuation
"cheap" price -
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