Broad Run’s suggestive name says (almost) it all: looking for long term compounders, i.e., for companies which can allocate capital at attractive rates of return over the long term (10 year test). These managers focuses on buying U$0.80 cents on at least U$3.00 instead of U$0.50 on U$1.00. Since they can’t find many names, they are a concentrated fund and, thus, have more than one analyst looking into a company in order to mitigate untapped risks and ignorance. Other tidbits are (i) preference for conservative leverage and consequently high ROA instead of high ROIC on top of a mountain of cheap debt and (ii) executives’ skin in the game. You shall allocate your time well by reading the article below.