Generally, we seek:

	long term investments in companies we understand
	Value in terms of earnings potential, as well as balance sheet
	Investment application of themes and concepts
	Vibrant industry participants selected for sustainable growth dynamics
	Higher unit sales
	Industry leader - low cost producer
	Competitive pricing power
	Proprietary Position
	Product or service uniqueness
	Specialized marketing strength
	Advanced technology
	Acquisition capability
	Dominate Franchise
	Barriers to entry
	Companies whose size is not an inhibiting factor - usually over $500 million market capitalization
	Both small and large capitalized companies can qualify if they satisfy our philosophical criteria

Special situations

	Spin-offs and divestitures
	Legislative and regulatory changes
	New executive management
	Mergers and acquisitions
	Financial characteristics
	Sound and sensible balance sheet
	High pre-tax profit margins relative to industry
	High return on shareholders' equity relative to industry
Blair Capital Management, with its selection process, identifies firms, which are currently not priced at excessive levels, but which it expects will become highly valued for excellence by the market.