Joshua Harrington

Joshua W. Harrington is a Senior Portfolio Advisor at RBO & Co., LLC, a fundamental, value-oriented investment management firm headquartered in Saint Helena, in California's Napa Valley. He joined RBO in 2012 and is responsible for fundamental security analysis, portfolio management, and client service. RBO & Co. serves individuals, family offices, and institutions, and has operated as an investment advisor since roughly 2014.

Harrington began his investment career as a research associate at Sanford C. Bernstein in New York. He then spent about six years at TIA-CREF in San Francisco as an analyst and telecommunications-sector portfolio manager, after which he worked as an independent consultant for hedge-fund, mutual-fund, and private-equity clients before joining RBO.

He holds a B.A. in Finance and Banking from the University of Missouri, Columbia, and an M.B.A. from the University of California, Berkeley (Haas). He is a CFA charterholder and a Certified Estate and Trust Specialist. He lives in Napa, sits on the Board of Trustees of the Land Trust of Napa County, and enjoys reading, running, hiking, fishing, and yoga.

• Value investing in public markets. RBO's guiding principle, quoted from Benjamin Graham (1949), is *"Investment is most intelligent when it is most businesslike."* The firm acquires equity positions in publicly-traded companies it believes are significantly undervalued.
• Three core criteria for a "yes":
• Competitive advantage — high barriers to entry, limited competition, strong finances, and consistent free-cash-flow generation.
• Capable management — proven teams committed to shareholder value and to returning excess capital.
• Valuation discount — an entry price well below estimated intrinsic value, providing a margin of safety.
• Long-term, research-driven, concentrated ownership rather than trading; intensive fundamental due diligence precedes any position.
• Sector-agnostic, though Harrington's individual expertise is strongest in telecommunications, given his prior role as a telecom-sector portfolio manager at TIAA-CREF.