Memo from our Founder: Valor’s Core Values

To: Team

From: Antonio Gracias

Date: 12/16/2002*

Re: Firm Values

The following represents a synthesis of the ideas we discussed regarding our firm values.

Our discussion encompassed two primary categories: investment values and human values. We merged these two lists to develop the four values that represent our firm. These values are the meaning of Valor.

The four values that define our professional lives and our name are: excellence, humility, integrity, and responsibility.

Valor means that we:

  • strive for excellence in everything we do;

  • maintain our humility and mutual respect no matter what circumstance we encounter;

  • insist upon the highest level of integrity in our interactions and in the logic of our investment process; and

  • demonstrate responsibility and dedication to all of our constituents.

Excellence means we “relentlessly drive improvement” in everything we do. This requires we attack every situation with maximum focus, intensity, courage, and discipline. We strive to create work product that is always of the highest quality as an end in itself. Our commitment to each other is that we will always deliver our best possible product.

Humility means we “check our egos at the door” when dealing with each other and the outside world. We require mutual respect of any member of our team. We also believe demonstrating this humility and respect for our many constituencies is a competitive advantage.

Integrity means we “walk the talk.” Our judgments, decisions, and behavior are in accordance with the values and principles we uphold. We demand integrity in our human interactions. We treat people with respect and dignity and expect similar treatment in return. We demand integrity in our investment process. We expect these investment judgments to occur in an environment of logic and consistency. We expect decisions to be driven by facts, and the best idea to always win, but only for as long as the facts support it.

Responsibility means we are “united in a common purpose.” We derive meaning through our dedication to and support of each other, our portfolio companies, our investors, and the broader communities in which we work.

This commitment is the foundation of our firm life.

*Amended February 2011.