What We Believe


Our investment philosophy is founded on three basic beliefs:

  • A long-term investment horizon increases the probability of superior performance.
    Investors must be patient-weathering random short-term fluctuations in price- in order to obtain superior returns.
  • Changes in economic trends impact markets and can be anticipated.
    By this we mean primary trends in the economy: long term interest rates, the rate of inflation, trends in global competition and demographics. We believe these fundamental forces drive the economy and they can be analyzed and anticipated, and therefore equity portfolios can be structured to take advantage of changes in these trends.
  • Risk is the constantly changing potential for missing the portfolio's objective.
    The world does not stay put; it is constantly producing economic change. As a result, windows of opportunity are always opening. Investment managers who discover these windows of opportunity will profit when the market eventually catches up.

Evolution occurs in how these concepts are implemented and the terminology used to express these ideas, but these central beliefs were key to the firm's founders thirty five years ago and remain so today.

We are convinced that it is possible to achieve superior long-term results, on a risk adjusted basis, by the consistent application of our top-down investment approach. Our efforts are dedicated to achieving this goal.

We have the unique ability, proven over the years, to think independently in assessing market directions. We believe our proudest achievement, by far, is the trusted partnerships we have been able to build with our clients.