Investment Philosophy    (Equity Portfolios)

Financial markets are ever changing. We believe that markets are adaptive, and that investment strategies, therefore, go in and our of favor. We also believe that coincidentally risk/reward relationships change over time. Accordingly, we believe that effective investment management requires flexibility.

We acknowledge that you cannot know everything. A simple statement, but powerful as a fundamental tenet of our philosophy. In essence, as Warren Buffet is often credited as saying, we stay with what we know. We utilize mutual funds and/or ETFs for exposure to industries, sectors and countries where our ability to conduct thorough research is limited.

We believe that markets have previously shown to be efficient in the long term. In the short term, however, we believe that pricing inefficiencies exist due to the fact that investors do not always act "rationally." We believe that investors tend to misgauge both the positive and negative news flow surrounding companies/industries resulting in exaggerated price movements. We believe that this uncertainty (or volatility) presents the opportunity to make money.

Portfolio Management   (Equity Portfolios)

We believe that a sound investment philosophy is only the first step in the investment management process. The second step is to make certain assumptions about the economy and markets, and to derive logical conclusions that follow from these hypotheses. The third step is to make investment decisions based on these conclusions with conviction. The fourth, and final, step is to go back to our investment philosophy and recognize that we cannot know everything. Accordingly, this fourth step is the continual reevaluation of our postulates for validity and to determine what additional actions, if any, should be taken.

*Please see our Investments tab to better understand how we implement wealth management strategies.