When we started Burgundy in 1991, we had two main goals:

1. Burgundy would protect and build our clients' capital by focusing on earning superior long-term absolute returns without taking excessive risks.
2. Burgundy would look after its clients extremely well.

While these goals may sound simple, they are not easy to achieve. Many investment firms fall short of these goals because they focus on short-term relative results, which is detrimental to performance over the long term.

Burgundy's approach is based on investing in good companies, when we can buy them for less than they are worth. Intensive research into individual companies and their management is the critical process that supports our investment decisions. Our investment process requires outstanding portfolio managers and research analysts who have both a long-term orientation and a contrarian bias. We make all our investment decisions this way and will never change this approach in the future.

Our ownership structure has been an important influence on our success. We are committed to remaining a private firm, owned by our key employees. A private ownership structure fosters stability and accountability that can be difficult to achieve in a larger corporate structure or in a public company.

The content of this website addresses Burgundy's investment philosophy and offers insight into how we adhere to our two founding goals of preserving and building wealth and providing outstanding client service. Please do not hesitate to call me at any time if I can be of assistance.

Yours very truly,

H. Anthony Arrell
Chairman & CEO