Our investment philosophy

"A rising income stream creates wealth over the long term."

Our collective experience has enabled us to learn from multiple market cycles. Based on this experience, it is our opinion that the most effective way to manage wealth is through one simple statement:  "A rising income stream creates wealth over the long term."

We implement our investment philosophy by employing value investing - a strategy of selecting securities that trade for less than their intrinsic value.  Value investing is an investment strategy first advocated by Ben Graham and David Dodd and later popularized by their greatest disciple, Warren Buffett. We embrace the ageless tenets of value investing, which include the following:
  • Insist on a margin of safety
  • Be patient and take a contrarian view to the wisdom of the “herd,” especially that of the media
  • Be leery of leverage
  • View risk as a permanent loss of capital, not just a number
  • Avoid investments that we do not understand or that lack transparency
  • Focus on buying quality businesses with high returns on capital and track a record of returning capital to investors