We focus on maximising intrinsic value which we define as the earnings, assets and dividends provided by our companies and aggregated within the portfolio. We implement this by a strong price discipline - lower multiples of earnings, assets and dividends means more earnings, assets and dividends at the outset - and by a quality appraisal which seeks to identify companies capable of increasing earnings, assets and dividends by their own efforts. We believe that a successful accumulation of intrinsic value leads to a good investment return. Silchester believes that this approach, a focus on one product, our independence as an investment firm and our commitment to limiting client assets and client numbers are important strengths.