Core Values

We operate under the following four guiding principles:

  1. A portfolio manager is a fiduciary who owes a duty of loyalty and competence to the client. As such, the scope of the portfolio manager’s work should be guided by the principle of always putting the client’s interests first.
  2. An investment manager adds value when he or she thoroughly understands the underlying asset and takes action only when the financial terms of the opportunity make sense. Specifically, the expected return on the investment should more than compensate for potential risks.
  3. True investment risk management recognizes that correlations among assets are dynamic; therefore, diversification in and of itself is only part of the solution. True risk management hinges on thoughtful capital budgeting and the pursuit of those investment opportunities that provide a margin of safety.
  4. Worthwhile investment opportunities do not present themselves on an hourly or daily basis. A true investor has the patience to wait until the terms of the opportunity meet his or her requirements. This means that there might be times when days or weeks go by before appropriate opportunities emerge.