The View From Burgundy

[Pallas_Boreas]

FOREWORD

When we started Burgundy, we had two main goals: to focus on earning long-term absolute returns for our clients (without taking excessive risks), and to look after our clients extremely well. These two goals may sound simple, but they are not simple to achieve. In fact, many investment firms fall well short of these goals because they focus on short-term relative results and too often take clients for granted.

Our investment approach embodies a long-term view. We invest in good companies when we can buy them for less than they are worth. Then we wait for the market to recognize the value of these companies. We try to invest in companies that have the ability to compound their value over time so that the investments grow accordingly. It takes time and patience; more importantly, it takes original, intensive research to identify companies with strong investment potential. We have always made our investment decisions this way and we will continue to follow this investment path in the future.

Over the past 25 years, we've shared our thinking on important business and investment topics with clients through our newsletter, The View from Burgundy. We've covered a range of topics, from specific companies to overall economic policy and external factors that affect the growth and progress of companies. We've examined issues affecting investors and advocated on behalf of investors. We've also debunked conventional thinking and explored contrarian positions that are irksome to parties stuck on mainstream thinking. The View has often been provocative in nature.

The View has been a critical part of our client discourse and relations. I cannot count the number of times that clients have referred to or called me about a specific issue or topic. I know that issues of The View are often cited in corporate boardrooms. It's gratifying to know that the information is useful, provoking discussion and conversation with our clients and industry leaders around the world.

I am proud to introduce the second edition compilation of The View from Burgundy, going back to 1993. The second edition is an update of our original compilation, published in 2007, and includes 14 additional issues of The View up to the end of 2016. Our style of writing has evolved over the years, but our investment philosophy has remained constant over a quarter-century. By consistently adhering to this philosophy, we continue to hold those same goals set 25 years ago, and remain focused first and foremost on you, our clients.

Yours truly,
Tony Arrell,
Chairman and Chief Executive Officer