Core Investment Beliefs
Growing Wealth
We manage for after-fee, after-tax cumulative returns over the long-term.
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Equity Ownership
We emphasize long-term ownership of shares in businesses.
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Long Term
A long-term perspective provides confidence to act decisively amidst volatility and serves to maintain focus on the power of compounding returns.
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Asset Allocation
Asset Allocation should be driven by long-term objectives, near term liquidity needs and staying the course in difficult markets.
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Valuation
Price is different than value and value is the single best determinant of long term returns.
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Diversification
Multiple independent drivers of success is the key, which reduces risk and increases long-term return certainty.
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Tax & Fee Efficiency
Taxes and fees erode investment returns and both should be minimized.
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Active Management
"Alpha" opportunities are attainable and worth pursuing, but are difficult to achieve.
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Passive Management
Well-structured passive strategies can provide high performing exposure to efficient asset classes.