Moerus’ name is derived from the Classical Latin word describing a city’s defensive walls, which were designed to protect a city and its inhabitants from risks, both predicted and unforeseen. Though we are unabashed value investors, we cannot emphasize enough that cheapness alone is not enough to warrant an investment. We believe a keen awareness of the risks facing an investment is essential to generating solid returns over the long run.

The opportunities that we often find ourselves pursuing typically face near-term challenges, risks, and uncertainties. We welcome such transitory turmoil, as it sometimes provides unusually compelling opportunities. However, because of this short-term turmoil, we seek to populate our portfolios with companies that have a “Moerus” – strength, staying power, and wherewithal – to withstand a variety of risks.