Collaborative
Every financial life has many facets. Our principals bring diverse and specialized expertise and a desire to collaborate with you and on your behalf to achieve the best possible results.

"The high purpose of investment policy, and of the systematic discovery process prerequisite to it, is to establish useful guidelines for investment managers that are generally appropriate to the realities both of the client's objectives and the realities of the investments and markets." Charles D. Ellis,
Investment Policy
Our Investment Philosophy

At the core of our investment philosophy is a belief that every asset exists to satisfy a client's future need for cash. Correspondingly, we define risk as not having the cash the client needs when the client needs it.

Therefore, informed investing must combine an understanding of the client's future needs for cash with an understanding of investment markets in order to develop an investment plan that establishes an acceptable level of risk for the client specified by asset allocation targets.

Our objective, as manager of a client's assets, is to achieve an optimal level of long-term return within the risk constraints of the client.

Corollaries to our investment philosophy:
  • We believe that an Investment Policy Statement (IPS) is the cornerstone of a successful investment plan. This IPS must set clear and specific investment benchmarks and parameters and it must be understandable and acceptable to the client.

  • We believe that many small risks are preferable to a few large risks. Therefore we believe in broad-based diversification within and across capital markets. This will include investment in less traditional asset classes that offer the potential to improve the portfolio's risk/return relationship.

  • We have great respect for the efficiency of capital markets and, on occasion, use index funds. But we believe that inefficiencies in markets exist and that mutual fund managers with integrity, intelligence and discipline can outperform performance benchmarks.

  • We predominantly invest in mutual funds, exchange traded funds and closed-end funds. We believe that careful due diligence can identify superior investment organizations and managers. Our due diligence focuses on an organization's culture (the integrity, intelligence, team orientation of its people), the clarity and financial integrity of its philosophy and decision making process, the past record of success and investment costs.

  • We will not invest in an investment strategy we do not understand.

  • We believe that attention to taxes and investment costs are important considerations to the realizable returns achieved by the client from a portfolio.

  • We believe that a well-informed client strengthens the client/manager relationship and enhances the discussion of progress toward goals. Therefore our investment reports and interactions with clients are informative, timely and transparent in their scope.