Investment Philosophy

Our goal is to protect and grow our clients’ capital through an investment approach which emphasizes consistent returns earned through strategic asset allocation and active management.

Strategic asset allocation is used to enhance real returns within a framework that establishes risk and return expectations.  We employ bottom-up fundamental research as well as top-down business cycle analysis.  We strongly believe in diversification across individual holdings but are willing to concentrate to some extent when there is a compelling opportunity.

We view risk not as volatility, but as the likelihood of permanent loss of capital.  We seek to reduce risk by investing in highly predictable businesses.  This requires being disciplined about both the price we pay and the quality of the underlying assets. 

Finally, we believe that taxes are a significant source of portfolio inefficiency best controlled by pursuing tax aware strategies in separately managed accounts.  In order to produce attractive long-term returns, we seek attractive investment values and plan to hold the securities for an extended period of time.