Long Term Superior Return on Capital
Our goal is to achieve superior rates of return on capital while protecting the downside on every investment. We focus on preservation of capital and use a team approach to reduce/ensure we have thoroughly considered the merits of each investment.


Alignment of Interest with our Investors
We believe that it is important to have the interest of all of our personnel aligned with those of our investors. Every employee participates in a 401k plan that includes investments in the strategies we manage. In addition, the firm does not allow personal trading, which ensures that every good investment idea finds its way into client portfolios.


Reliance on Proprietary Research
We believe that our propriety research is not only an advantage but it is an absolute requirement in order to achieve the level of return on capital we expect from our investments. The market is far too competitive for anything other than in-depth analysis of a company, its competitors, and the markets in which it operates.


Team Approach
We believe that working as a team eliminates investment mistakes, which is the best way of ensuring superior returns. We have a lack of hierarchy and a workspace design that we believe fosters communication and cooperation. In addition we have a unique form of compensation designed to encourage team work. Each member of an investment team receives compensation based on the performance of the particular strategy which is their focus and in addition they receive additional compensation based on their contribution to other strategies. We have found this to be highly successful in encouraging the teamwork necessary to achieve the excellence we strive for in portfolio management.


Client Communication
We are always available to meet with clients and discuss our outlook on the markets as well as the particular strategies in which they are invested. Our quarterly letters provide an insight into each strategy in which we operate, fostering an openness of communication that we hope is helpful to our clients in understanding trends in different sectors of the market.