Active Management | Yardelle Investment Management

Think of buying stock as buying financial interests in whole businesses.
Construct a focused low-turnover portfolio
Invest on only what you can understand and analyze
Demand a margin of safety between the purchase price and the company’s long-term value

Thorough analysis: the careful study of available facts with the attempt to draw conclusions there from based on established principles and sound logic.
Safety is not absolute; unusual or improbable occurrences can put even a safe bond into default. Look for something safe from loss under reasonable conditions.