We are value investors who seek to generate market-beating returns by making prudent and disciplined investments on behalf of our investors. Our value investing approach is effective.
Value Investing Principles
We employ a Warren Buffett-style value investing approach, utilizing bottom up investing with regards to our clients’ investment portfolios. Our investment research group works to develop deep, proprietary insights into the companies in which we are investing. Our portfolio managers use those insights to invest our clients’ capital prudently and patiently in the individual securities of those high-quality companies which appear most attractively priced.
With our investment approach, we adhere to a core set of investment principles:
Protect Capital from Permanent Impairment
Use Care When it Comes to Companies with Debt
Seek a Margin of Safety with Capital Commitments
Be Wary of “This Time is Different” Statements
Use Patience and Wait for an Attractive Price
All of these value investing principles add up to an investment philosophy that we believe will lead to above average returns over the long haul while limiting risk.
As the stewards of our clients’ investable capital, we focus on the preservation of capital first and foremost. This discipline leads us to invest in stocks in which we believe that the potential price depreciation of a stock is minimal and the upside is considerable. To identify attractive investments, we conduct a thorough, bottom-up analysis of a company’s financial statements, business model, and quality of management.
When we invest in companies, we do so with a long-term time horizon; we are not traders speculating on short-term moves. Rather, we view our investment commitments as if we were purchasing the entire company versus merely a small minority stake.
We are primarily investors, not asset allocators or asset gatherers. Our investment process is guided by the following considerations:
Bottom Up Investing
We are bottom-up investors, though we do consider the strength of the economy and various macroeconomic factors that can influence financial asset prices.
we are focused
We focus on the risk of an investment, not just on the potential upside.
We Are Researchers
We generally seek out companies with healthy balance sheets, positive cash flows, solid business models, and strong management.
We are Contrarian
We tend to be contrarian investors, which means we seek to purchase the common shares of companies that we believe are temporarily out-of-favor.
We look for companies that have an intense focus on delivering long-term shareholder value.
We invest for the long-term, minimizing turnover to keep our portfolios tax-efficient.
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