My Account HOME OUR VALUES PHILOSOPHY PRODUCTS LETTERS NEWS ABOUT LETTERS At Vulcan Value Partners, we are value investors. We believe performance is best achieved through disciplined commitment to our long-term investment philosophy. We also believe that good communication is critical, and that it is important that our partner investors are well informed. We will always provide straightforward and frank communication with our partner investors, and we welcome the opportunity to share our views and critical assessments through our Investor Letters. Please feel free to download copies of recent letters below. CURRENT Third Quarter 2021 View Letter/Commentary ARCHIVE Second Quarter 2021 First Quarter 2021 2020 Annual Letter Third Quarter 2020 View All Archived Letters In This Section Archive Subscribe Receive updates on news and announcements from Vulcan Value Partners Home Philosophy Products Performance Account Letters News About Contact Mutual Funds Managed Accounts Form ADV Form CRS © Copyright 2021 Vulcan Value Partners Three Protective Center, 2801 Highway 280 South Suite 300, Birmingham, AL 35223 Terms of Use Privacy Policy Disclosures Contact Us

My Account HOME OUR VALUES PHILOSOPHY PRODUCTS LETTERS NEWS ABOUT PHILOSOPHY Summary Our primary objective is to minimize the risk of permanently losing capital over our long-term time horizon, which is five years. By concentrating on not losing money, making money will take care of itself. We control risk by demanding a substantial margin of safety in terms of value over price and limit investments to companies that have sustainable competitive advantages that will allow them to earn superior cash returns on capital. We are also business operators and recognize that we are investing in real businesses that are run by real people that face real issues. We evaluate business risks, assess people, and scrutinize competitive strengths to consider long term investment. If we would not be comfortable owning an investment for five years it does not qualify. We are not traders or speculators. We do not buy pieces of paper or discrete random variables. We are long term owners in a collection of superior business enterprises. In This Section Investment Philosophy Subscribe Receive updates on news and announcements from Vulcan Value Partners Home Philosophy Products Performance Account Letters News About Contact Mutual Funds Managed Accounts Form ADV Form CRS © Copyright 2021 Vulcan Value Partners Three Protective Center, 2801 Highway 280 South Suite 300, Birmingham, AL 35223 Terms of Use Privacy Policy Disclosures Contact Us