Philosophy

Our equity investment philosophy is based on the premise that the most effective way to create and sustain wealth in the equity markets is to achieve an asymmetric pattern of returns over time, where the portfolio demonstrates a down market beta considerably less than its up market beta. Our primary focus, therefore, is on risk control and protecting principal in the down markets. A close second is strong participation in all but the most speculative of bull markets. We believe this objective is achievable and repeatable by populating the portfolio with stocks of high quality companies that have and will continue to demonstrate long-term predictable growth in revenues, earnings and dividends at reasonable valuations. This combination of protection and participation should ultimately lead to better than market performance over an economic cycle, with less than market risk.


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