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Investment Philosophy
Data-driven portfolio management grounded in long-term evidence.
We invest our own money in the same strategies we recommend to clients.
If you want to build wealth you have to invest
"How many millionaires do you know who have become wealthy by investing in savings accounts?"
The rate at which your money grows determines how many years it will take to achieve your goals
Our long-term aim is "wealthy" returns
Historically, equities have outperformed other major asset classes over long periods.
Our relentless focus: quality businesses can lead to freedom through unmatched growth + ROI.
$1 Invested By Asset Class
1802 through June 2021
$1
Index performance assumes reinvestment of dividends, but does not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in fund shares. Past performance is not indicative of future results.
Use rigorous research with strict criteria to find excellent businesses
The best investment = the best company.
Buy. Add. Monitor. Hold.
The best businesses adapt and thrive.
Winners tend to keep on winning despite competition, the FED, economic cycles or who is president.
The importance of committed leadership with substantial skin in the game cannot be overstated.
We look for management teams with meaningful ownership in the businesses they run, and we weigh leadership alongside financial criteria.
Watch the business,
not the stock price
Focus on the fundamental business
- That's what matters.
Trying to time the market is a waste of time and money
Correctly time all 3 "best" days of 730 total days in the market or you lose money. Good luck.
JPMorgan Asset Management SP500TR index Jan 2, 2001 to December 31, 2020
"Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.”
The more time, the greater the chance of a positive outcome
94 years of history from SP500 makes it clear (1928 through 2023)
The primary way to manage risk is through cash flow planning
Planning your cash flow reduces the chance you'll need to sell investments during a downturn, and makes turbulent markets easier to sit through.
Emotions will destroy your portfolio.
“The key to making money in stocks is to not get scared out of them."
Accepting short-term volatility is part of pursuing long-term growth.
"In investing, what is comfortable is rarely profitable." Embrace volatility. Don't avoid it. Learn to manage it.
How we measure performance
The long term is the ultimate measure of success.
In the world of investing, quality is king
When considering potential investments for our strategies, we prize quality above all. Quality may seem like a vague term, but to us and in investing, it means something particular. It’s a 360-degree investment approach that considers both quantitative and qualitative factors.
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Sure, algorithms can run the numbers on revenue, P/E ratio, profit growth, etc. However, they struggle to assess factors like management credibility, brand loyalty, and company trajectory.
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We consider qualitative factors alongside financial data because management quality and competitive position are difficult to capture in numbers alone.
Principles Drive Long-Term Performance
Fundamentals
Over Fads
Value
Over Volatility
Decades
Over Days
Execution
Over Emotion
History
Over Hype
Facts
Over Feelings
Principles
Over Perfection
Data
Over Distraction
