Standard

Standard manages its founding family's shareholdings by operating on principles that are simple, old and few. These come down to: 1. A careful selection of a few investments chosen in relation to the discrepancy between their price and intrinsic value; to the quality and integrity of their management teams; and to the alternative investments available at the time. 2. A steadfast holding of these large commitments through thick and thin until either they have fulfilled their promise or it is evident that they were purchased on a mistake. 3. A balanced investment position — that is, a variety of risks in spite of individual holdings being large, coupled with sizeable reserves of cash at hand to absorb financial shocks and maintain optimal latitude of action.