Objective
Our primary objective is long-term capital
appreciation in publicly traded stocks. We seek a balance between
capital preservation and appreciation exceeding the rate of inflation.
Risks
We assume the risks associated with individual
equity investments only when we anticipate a return that is at least
double the risk-free return rates (i.e., Treasury Bills). Capital
preservation is paramount, and we are more interested in absolute
positive total returns than in relative performance.
Fundamentals
We are value buyers of predominately mid-cap
companies, measuring value in terms of earnings, book value, cash flow
and dividend yield. To assess the viability and potential of value
candidates, we apply fundamental research and a disciplined process,
including a rigorous criteria screen covering management’s' track
record and equity ownership, industry position and ability to
internally finance growth.
Volatility
Bond portfolios are designed to reduce overall
volatility and capital risk. Bonds are combined to help achieve the
highest return for a predetermined level of volatility. We attempt to
avoid duplicating the inherent risk of equities through the bond
compositions in a portfolio.
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