Appropriate investment horizons
- The longer the period of the investment, the higher the probability that markets reflect expectations.
Exhaustive, considered research
- We know what we are buying. We prefer to miss opportunities, rather than invest in something we don’t understand.
- We manage risk by aptly spreading clients’ exposure across independent holdings.
- We focus risk management on the potential for loss. Avoiding large losses leads to better outcomes through compounding.
Purchase valuation drives return
- We believe price is an imperfect proxy for value as sentiment drives price over shorter time periods.
- Irrespective of the source, lower costs are guaranteed sources of added value.
Other people’s money
- We actively position investors interests first with sound stewardship principles to help clients meet their goals.
Portfolio management matters
- We believe excellence in portfolio management is distinct from the ability to find good investments and must focus on a strategy’s objective and timeframe.