There is no substitute for experience. The portfolio management team shares over 100 years of investment analysis and portfolio management experience. For nearly 30 of those years, the members of the portfolio management team have worked together adhering to the same investment philosophy, exercising the same approach to security selection, and employing the same discipline as it pertains to portfolio design. Despite the numerous times we have heard “It’s different this time,” experience has taught us it rarely is different. Regardless of the environment, Cornerstone portfolio managers have maintained their focus on buying high quality companies at attractive prices while exercising the patience necessary to unlock the value.