At Oakmark, we are long-term investors. We attempt to identify growing businesses that are managed to benefit their shareholders. We will purchase stock in those businesses only when priced substantially below our estimate of intrinsic value. After purchase, we patiently wait for the gap between stock price and intrinsic value to close.
During the quarter, Win Murray (U.S. director of research and Oakmark Select co-manager) and I had the privilege of answering questions submitted by readers of GuruFocus.com. What follows is an excerpt that focuses on investment philosophy and process. The entire Q&A, including our