OLD BRIDGE

In ancient Rome, when a bridge was constructed, the engineers of the bridge had to stand underneath it when the scaffolding came off. With their lives at risk, the engineers left no room for error. To design for safety and longevity, the engineers ensured that the load carrying capacity of the bridge was much higher than the actual or expected loads. They thus built a higher margin of safety into their construction. The portfolio construction of Old Bridge echoes a similar principle. Their priorities are to buy enduring business models with emphasis on limiting capital losses, which is why they give emphasis on buying at the right price and value. By doing this, a margin of safety is built in to protect our portfolios even if their estimates are on the wrong side.