We build portfolios of common stocks that seek all the upside in the markets while trying to carry less risk. We believe a small collection of outstanding businesses, led by shareholder-friendly CEOs, will outperform the general market over the course of the economic cycle.

We do our own investment research. We gather our own information, make our own judgments, and attempt to visit with management before ever making an investment. We believe our deep understanding of these companies allows us to identify great opportunities. Only stocks that meet our strict criteria are eligible for consideration. We are not swayed by outside influences and we do not attempt to match an index.

We are long-term investors. We believe the outcome of each company is more knowable over many years. Our long-term outlook allows us to focus on the business fundamentals and ignore short-term distractions. We intend to hold each stock for many years. As a result, our clients’ portfolios are tax efficient given the low turnover in their accounts.

We care about the price we pay to own a company. A stock will be purchased for the portfolio only if it is available at a price that meets the stringent quantitative test we apply to assure a highly favorable risk/reward ratio. The portfolio will be built over time as such opportunities arise.