TWST: Please start with a brief history and overview of the firm.

Mr. O'Connor: It's hard to be brief about Cooke & Bieler. We were founded 62 years ago in 1949 in Philadelphia as a manager of money for high net worth Philadelphia families. Skipping over most of the details, we've been using the same high-quality, low-risk, fundamentally based style over that time period. Today, we manage about $4.5 billion, mostly institutional money for pension funds, foundations and endowments. We still have a significant number of high net worth clients, and we subadvise mutual funds as well. Most of our assets under management are large cap, although we also manage midcap and small-cap portfolios.

TWST: How would you describe Cooke & Bieler's investment strategy?