An Individualized Approach to Portfolio Management
We are investors. Our job is to invest in companies we believe will increase in value over time. With more than $1 billion* in assets under active management, our clients invest with us for our vision, process and stewardship.
We are research driven. Our team meets directly with company management, participates in analyst days, attends institutional investor conferences, speaks with analysts and studies a broad range of Wall Street research.
We provide stability and continuity of expertise. Our team has more than sixty years of direct investment experience, spanning market cycles since 1984.
Results matter. Performance indicates who is leading but results show who won. Our portfolios are results-driven.
We believe our investment process drives results. We don't outsource investment management, saving a layer of cost and complexity. We create custom portfolios of 35 individual stocks. We are long only, opportunistic, all cap, no leverage, low turnover and don’t rebalance.
We believe successful investing involves looking forward not backwards.
It’s how we invest. It’s who we are.
What We Look For In a Successful Company
Market Opportunity
- Large addressable market, or
- Small but fast-growing market, or
- Consolidating market, or
- Gaining market share
Superior Products and Execution
- Technological advantage
- Proven market acceptance
- Strategy for new product development
- Proven business model
- Potential for scale
Barriers to Entry
- Capital intensity
- First mover advantage
- Patents
- Infrastructure costs
Financials
- Unit volume growth
- Free cash flow vs. profits
- Dilution
- Profit margins
- Use of capital
Strong Management
- Imagination
- “Bet on the jockey, not the horse.”
- Low turnover
- Having the tools to deal with instability, doubt and unpredictable external risk. Resiliency in the face of the “unknowns”
* as of 7/22/21. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security outside of a managed account. This should not be considered forward looking, and does not guarantee the future performance of any investment.
All investments are subject to risk, including loss. There is no assurance that any investment strategy will be successful. Asset allocation and diversification does not ensure a profit or protect against a loss. It is important to review the investment objectives, risk tolerance, tax objectives and liquidity needs before choosing an investment style or manager.
Past performance may not be indicative of future results. There is no assurance any investment strategy will be successful. Investing involves risk including the possible loss of capital.
