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Investment Philosophy
Our philosophy is rooted in a deep-value investment
discipline. We believe that companies in different sectors
and industries should be evaluated according to different
valuation measures, as they tend to vary in terms of
earnings growth and balance sheet data. Our process
allows us to focus on evaluating individual stocks, looking
at each company’s business model, competitors and
revenue streams in relation to other companies within a
distinct industry. We believe this approach allows us to
identify the most compelling investment opportunities for
our clients’ portfolios.
Bottom-Up Focus
Although many investors look to broad macroeconomic trends
when selecting stocks, we believe that it is nearly impossible to
forecast accurately, with any degree of consistency, what the
economy or investment markets will do in the near term. Our
efforts are focused exclusively on researching stocks from a pure
bottom-up perspective, relying on industry-specific valuation
tools and comprehensive stock-specific fundamental research. |
Contrarian Style
Our goal in researching stocks is to identify companies that
we believe to be mispriced before the market recognizes their
true value. Consequently, we often take a contrarian view on
companies, and our portfolio holdings tend to be undervalued
relative to the rest of the market. Similarly, we sell companies
when they have reached what we believe to be their intrinsic
value and try not to hold stocks too long. This “early in/early
out” approach is designed to capitalize on the dynamic nature of
the overall market as we take advantage of mispriced stocks.
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