Philosophy

We are skeptical optimists.

When human ingenuity interacts with the capitalistic system, progress is the result. History demonstrates that an optimistic worldview is vindicated and rewarded. This is good news for long-term investors. Yet we are skeptical of anything that smells of a fad. We avoid investments that rely on growth scenarios that extend into an unknowable future.

We are independent thinkers.

We seek value in the investment universe regardless of what other people are saying. We analyze the business underlying the stock or bond investment. We aspire to be dispassionate about market swings. This positions us to take advantage of opportunities as they present themselves.

Doing the right thing matters.

We seek out investments that are in harmony with our sense of citizenship. We give particular consideration to investments that directly or indirectly play a role in improving our world. These may include products or services that improve our environment or advance our knowledge base, or companies that champion better treatment of workers, sustainable consumption practices, and sensible accounting. Although these characteristics by themselves do not justify an investment, we believe that socially responsible companies are often built on a more sustainable basis and have a better chance of proving to be good long-term investments.

Diversification reduces risk.

Since both the timing and the extent of returns are difficult to predict, a sound investment strategy encompasses a variety of market opportunities. To diversify and balance our clients’ portfolios, we may invest in small, medium and large capitalization stocks, international securities, bonds, and undervalued alternative investments. We go a step further by evaluating portfolio risk in the context of multiple economic/market scenarios, aiming for balance versus identifiable factors that could drive investment returns.

Staying the course counts.

There are many potentially successful approaches to investing, but they rarely include “short-cuts.” Our experience has taught us that a commitment to a value-based strategy that focuses on individual securities will be rewarding over time. In our view, low turnover is a hallmark of a thoughtful and successful investment strategy. Our confidence in our investment approach sustains us through daily price fluctuations and more challenging market environments.

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