We believe that price is everything.
It has been our observation that Wall Street is as much a creature of psychology as it is of economics…that economic conditions, whether global or company-specific, tend to be amplified by the actions of the herd. Stocks – and markets themselves – often move disproportionately to their underlying fundamentals as subtleties of changes in either valuation or growth rates become overrun by masses of buying or selling.
Philosophically, we try to take advantage of this for the benefit of our clients. So, we invest the old-fashioned way – endeavoring to buy low and sell high…by shopping amidst the well-positioned bargains and then, later, selling back to the eager.
Finally, we believe that there will always be promising bargains somewhere. It is our conviction that if one is not constrained by asset class or by nation or by market capitalization, one can most often find something attractive.
We take a disciplined approach for both individuals and institutions. Allowing us to manage for the longer term, through the various market cycles has resulted in the All Cap Value Composite portfolio beating the S&P 500 index (including reinvestment of dividends) for every year for 10 consecutive years starting in 1999, and for every 10 year period from 1995 through 2013 (all performance is GIPS compliant).