One of the investment strategies Alluvial Capital Management LLC offers is the "Global Quality & Income" portfolio, which seeks healthy current income and reasonable capital appreciation while taking on less risk than global equity markets. For the equity portion of this strategy I seek out companies with consistent free cash flows, little or no debt, and durable business models. I emphasize companies that can weather poor economic conditions better than more leveraged firms or those in cyclical industries. Additionally, I like companies that own unique and irreplaceable physical or intangible assets, since these often equal pricing power and limit competition. Examples include infrastructure like ports or highways, or respected consumer brands. These positive characteristics rarely come cheap. Companies with true durable earnings power and fortress balance sheets often sell at premiums to average market valuations, yet can still provide a means of earning satisfactory returns while avoiding a large part of the market's risk and remaining insulated against volatile economic conditions.