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