Value Matters. Always.

We believe that a disciplined and time-tested investment process is the smartest way to sustain and build your wealth. We are dedicated to producing the best risk-adjusted returns possible in a unique portfolio that reflects your specific situation. Every portfolio is custom built from the bottom up to fit each client.

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Value investing is a philosophy, as much as it is a stategy. Its most elemental principle being summarized in the classic Buffett quote, “Price is what you pay, value is what you get.” In practice, it requires independent thinking and research to consistently allocate capital to investments that offer value greater than the current price reflects.

Finding value is crucial, paying the right price is essential, but it’s also important to avoid the behavioral biases that plague most investors:

  • Investors have a preference for so-called “lottery” investments- low probability outcomes with extravagant potential payouts
  • Many people favor speculative investments in exciting industries
  • Institutional investors fear underperformance, which leads to a herd mentality

Simplicity ≠ Simplistic

  • It requires an understanding of complexity to appreciate the beauty of simplicity
  • You should understand what you own and why you own it

Value Investing is in our DNA

  • The goal is to buy good assets cheap, not just buy good assets
  • High quality is easy to detect, while cheapness is hard to identify
  • We seek to isolate genuine value from the merely inexpensive

We must see a light at the end of the tunnel

  • We have a long-term investment horizon, but it’s typically not forever
  • Before we even make our initial investment we must see a clear path to recovery
  • During this recovery, we carefully monitor management behavior to ensure they’re making decisions in the best interest of shareholders

Long-Term Investors are rewarded

  • Having a longer time horizon is a competitive advantage over other investors’ short-term focus
  • We seek to make multi-year investments in companies we think will thrive over the long-term
  • Our style often requires discipline, patience and the right temperament

Contrarian Mindset

  • Finding uncommon values requires creativity, independence and a unique viewpoint
  • Such values exist among stocks shunned by investors who follow popular trends or market fads

Diversification without Dilution

  • When it comes to diversification, current conventional wisdom says that broader is always better
  • Owning too many positions ensures that the returns from the portfolios best ideas, become diluted by its worst
  • We believe a focused portfolio of 20-30 deeply researched stocks provides the risk-reducing benefits of diversification without diluting returns