We are eager to hear from principals or their representatives about business start-ups that meet all of the following criteria:

1. a simple, easy-to-understand business model (sorry, no technology companies),
2. favorable long-term economics,
3. able, experienced and trustworthy management,
4. earns good returns on equity while employing little or no debt, and
5. can be started at a sensible price.

We ordinarily would not consider investing in start-ups or turnarounds. We continue our policy in regards to turnarounds, but will consider start-ups while we are beginning operations.