A truly local firm with roots stemming from the Collier family here in Southwest Florida, PCM was founded in 1986. The firm has achieved long-term capital appreciation by investing in companies that are temporarily out of favor, underappreciated or misunderstood, and thereby trade at a significant discount to our estimation of their long-term intrinsic value. PCM’s research team rigorously analyzes a host of factors in order to fully understand a company's ability to create value for shareholders in the future. PCM couples its quantitative evaluation of each company with an in-depth qualitative appraisal wherein the firm’s research team seeks to know and understand company management’s goals, incentive structure and longer-term operating priorities for each business under consideration. PCM has developed and improved on this approach over more than 30 years of investing in public companies as they seek to differentiate between value opportunities that are likely to rebound versus those that may be subject to long-term secular decline.