Investing
We create high-conviction portfolios through a process that emphasizes appropriate asset allocation and careful security selection.
Core Beliefs
We chart our own course
We are skeptical optimists who believe that a positive outlook will be rewarded in the long run. We distrust fads and try to cut through the noise of the 24-hour news cycle.
Controlling costs is essential
We avoid complexity whenever possible – many of today’s products are just expensive ways to invest in stocks and bonds.
We believe in what we do
We follow our process and expect success to be realized over time. We have learned that periods of market dislocation require patience, but also present compelling long-term opportunities.
Security Selection
As value investors, we seek out securities for your portfolio that are trading for less than we think they are worth. We are drawn to companies and sectors that are out of favor. Our research is old school - we inspect financial statements, create models that enable us to consider a range of outcomes and establish a price target for each holding. We look for catalysts that may close the valuation gap. We do not invest to match or beat the quarterly or annual performance of a benchmark.
Responsible Investing
Since the firm’s inception, we have utilized our own principles of responsible investing. We believe that businesses focused on improving their environmental, social, and/or governance practices are better positioned to maintain their relevance over time and to capitalize on innovation that benefits society. We consider these factors, and many others, in our investment decision making.
Asset Allocation
The concept of matching assets and liabilities is the foundation of our asset allocation process. Bonds and cash are designated to fund near-term withdrawals and a mix of bonds and stocks is expected to cover withdrawals likely over the longer term. Each investor’s risk tolerance and special circumstances are taken into consideration.
