Code of Conduct

During turbulent times, we strive to uphold the highest standards of conduct

Our Business Principles and Code of Conduct establish a framework to make consistent decisions in the course of our business and personal dealings. We use this system to naturally select people we associate ourselves with and it represents an algorithm to make the best choices in good and less good times.

We value certain traits in the people we establish long term relationships with, including:

Generosity

Virtue

Wisdom

Energy

Patience

Truthfulness

Determination

Kindness

Equanimity

Our Business Principles

1. The interests of our partners and capital providers always comes first. Our experience shows that if we serve those well, our own success will follow

2. Our assets are our people, capital and reputation. If any of these is ever diminished, the last is the most difficult to restore

3. We take great pride in the professional quality of our work. We have an uncompromising determination to achieve excellence in everything we undertake

4. We stress creativity and imagination in everything we do

5. We make an unusual effort to identify and partner with the very best person for every investment we undertake

6. We offer our partners the opportunity to move ahead more rapidly than is usually possible. Advancement depends on merit and we have yet to find the limits to the responsibility our best people are able to assume. For us to be successful, our people must reflect the diversity of the communities and cultures in which we operate. That means we must attract, retain and motivate partners from many backgrounds and perspectives. Being diverse is not optional, but rather, it is what we must be

7. We stress teamwork in everything we do. While individual creativity is always encouraged, we have found that team effort often produces the best results. We have no room for those who put their personal interests ahead

8. We consider our size an asset that we try hard to preserve. We want to be big enough to undertake the largest investments that any of our partners could contemplate, yet small enough to maintain the loyalty, the intimacy and the esprit de corps that we all treasure and that contribute greatly to our success

9. We constantly strive to anticipate the rapidly changing needs of our partners and to develop new strategies to meet those needs. We know that the world of technology will not stand still and that complacency can lead to extinction

10. We regularly receive confidential information as part of our normal relationships. To breach a confidence or to use confidential information improperly or carelessly would be unthinkable

11. Integrity and honesty are at the heart of our business. We expect our people to maintain high ethical standards in everything they do, both in their work for the firm and in their personal lives