Building Client Relationships

• Mission & Approach to Client Service
• Fee-Based Services

Client Service Principles

• Personal Service
• Conservative Management
• Flexibility
• Diversity of Asset Classes
• Affordable Fees

Investment Strategy

• Stock Selection
• Bond Investing
• Your Asset Growth

How We Work With You

• Investment Management Process
• Fees
• Principals & Board of Directors

Stock Selection

We select stocks that will benefit from changes in investor expectations resulting from major economic events before these changes are fully recognized in market prices.  This discipline for the selection of stocks deals with three basic principles of economic and political reality.

• Growth matters.  We identify those companies that we think will best benefit from the growth of specific sectors in the global economy and are reasonably priced.
• Earnings matter.  We identify and select companies with low P/E ratios relative to their expected growth rates.  We try to pick those companies that have an excellent chance of a P/E multiple expansion.
• Global Trade matters.  We monitor the secular trends in exchange rates, global trade, and politics to identify those companies expected to benefit from the current changes in the patterns of world trade.

The ability to correctly anticipate the changes in investor expectations resulting from major economic events -- macro shocks -- has historically resulted in superior investment performance.  Except at times when we're making major moves in or out of stocks, our turnover tends to be low.

Stocks whose fundamentals meet these requirements are combined into relatively low-risk portfolios.  We're long-term investors, not traders, but we're quick to sell a stock when its fundamentals are deteriorating or when its price is substantially above its normalized valuation level.

Impacts of major economic events have relatively long time lags.  Therefore, market factors themselves tell us when to shift portfolios to favorable industry groups and companies--and avoid those that are not in favor.