Pendo's portfolio managers consider themselves business analysts rather than stock analysts. A concentrated focus on the actual business presents a much clearer understanding of how a given investment will fare over time. The future of any business with a competitive advantage, under normal circumstances, is predictable. Therefore, they are often expensive.

Pendo’s intention is to purchase securities below what we believe is their intrinsic value. The margin of safety is provided after ascertaining the intrinsic value, and then purchasing those securities selling at a bargain price.



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