Investment Principles
Market analysts refer to risk as a measure of volatility, yet our clients are more likely to view risk as the possibility of loss. Since the value of an incremental gain in net worth is smaller than the cost of an equivalent decline in net worth, Preservation of Capital and risk management are paramount to our thinking. To achieve this goal, we focus on the Long-Term, both in holding periods and company fundamentals. A company’s investment Value is determined by its operating strengths, sustainable competitive advantages and profitability measurements. Portfolios generally consist of 30-40 individual stocks and 10-20 individual fixed income securities, reflecting a high degree of Conviction in our best ideas. Our effort to Avoid the Noise of daily headline news and heed the old adage that “what everyone already knows is not worth knowing” keeps us focused on investment fundamentals throughout an economic cycle. The stewardship of your money is our Responsibility. While wealth management tools continue to grow in complexity and volatility, our common sense approach to designing investment portfolios and financial solutions are understandable and realistic.