Investment Process

We follow an opportunistic disciplined value-based investment philosophy focusing on total return over the long term. We do not focus on quarter to quarter performance and our portfolios are not designed to correlate to any broad market indices. Our approach is flexible in that we invest anywhere we perceive value and are not constrained as to market capitalization, domestic or foreign investments, sector, industry and ratings of debt instruments. We may hold cash and/or cash equivalents until investments that meet our criteria are found. At times cash and/or cash equivalent balances can be substantial.

Investments are typically only made in a portfolio when we feel it is at an appropriate buy level. We feel this helps to control individual portfolio risk. At times portfolios can become more heavily weighted in an investment, sector or industry based on the perceived opportunity or lack of other opportunities. Account holdings can also differ between accounts due to different risk tolerance, tax implications of investments and transactions and client-imposed limitations for an account.