Goal number 1 - Protect the capital of his investors from permanent loses
Goal number 2 - Try to earn double-digit returns over the long term
Goal number 3 - Beat the S&P 500 from market peak to market peak
Yacktman isn't looking for opportunities with the highest potential rate of return; he is looking for the highest rate of return on a risk-adjusted basis.
We can see that in his portfolio that is loaded with high-quality, cash-generating companies.
A very enjoyable interview with a steady value investor: