Cook & Bynum Capital Management

At Cook & Bynum, we are long-term investors in undervalued businesses that have sustainable competitive advantages and are run by well-aligned managers. We identify these businesses through immersive, on-the-ground research around the world, and we think carefully about which companies fall within our circle of competence. Since 2001, we have consistently applied this strategy in global public equity markets to companies of all sizes. We demand a margin of safety, as we only invest if we can pay a significant discount to our informed, conservative estimate of a company’s intrinsic value. This discipline offers asymmetric risk vs. reward - it allows for outsized returns when we are correct and protects against permanent capital loss when we make mistakes. We search for investments across geographies, market capitalizations, and most industries, while recognizing the limits of our circle of competence. Our ability to recognize our limitations is as important as our ability to execute our competencies.