Investing Discipline

Research drives everything we do

Because we live in a global economic environment, we study global macro trends to make investment decisions that meet long-term goals.

We follow these basic tenants:

  • Err on the side of safety.
  • Perform tangible tests to reduce the chance of loss on both fixed income and growth assets.
  • Provide sound investment advice using products we understand and can explain. A smaller return with comfort is better than a large return that is not explainable.
  • Fewer decisions mean fewer bad decisions. We only make a few fundamental decisions a year. We buy to own.
  • Own industry leaders. We invest in the number one or number two companies in a given industry.
  • Buy and sell the cycle. As long-term cyclical researchers, we want to buy at the end of the distribution cycle and sell at the end of the accumulation cycle.