INVESTMENT PHILOSOPHY

We are long-term investors and stewards of capital.  This serves to shape our investment philosophy.  Managing risk is paramount while seeking strong investment returns.  At the portfolio level we manage risk through diversification, first by choice of major asset classes and thereafter by sector, industry, and individual security selection. 

Over the long term, markets have a measure of predictability, however over the short to medium term they can surprise investors.   The security markets can and do go to extremes.   Preparing portfolios with a diversified asset class mix is a key contributor to weathering these storms.   

In the equity markets, we seek to invest in companies whose intrinsic value, in our judgment, is considerably greater than the value of its stock in the market today.   Our core equity holdings represent a blend of growth and value stocks that we believe are under-priced in the marketplace.   We particularly prefer outstanding companies with talented, ethical management teams whose stock can be held profitably for decades.   Finding stocks that will continue to create lasting value is a great challenge.   Given, the scarcity of such investments we are also attracted to good companies whose stocks can be purchased at a discount.   These can be some of the best medium term investments.