September 9, 2015

Core Equity


Our equity approach can be considered “Core Equity”, meaning our investments are not concentrated in just a few market sectors, a few industries, or a few company-size ranges.  In other words, it’s not highly concentrated in one specific area.  This gives us wide latitude to try to find value across most of the equity space.


“All Cap Equity” Approach

Cross section of large-to-small capitalization companies

—Proper industry & sector diversification

—Balanced mix of growth & value stocks

—Focused on rigorous independent fundamental research

      Attractive industry dynamics

      Efficient operations that generate attractive returns on investment

—Strong management focused on building shareholder value over the long-term

—Long-Term Approach

—Focused on buying durable businesses that create shareholder value over the long-term


Focus on both absolute and relative valuation

PE, PEG, price/cash flow, dividend yield, EV/sales, EV/EBITDA

Buy Discipline

We consider buying a position when we believe the shares exhibit a compelling value for the expected level of risk

—Sell Discipline

We consider selling a position when we believe the shares are trading at an excessive valuation, a negative change in industry or company fundamentals has occurred, or an alternative investment exhibits a better value


—5% In A Security, 25% In An Industry, Daily Monitoring Of Positions

—Traditional Financial Statement Analysis

—Ratio analysis, earnings estimates, cash flow estimates, growth potential, strong balance sheets

—Qualitative assessment of company management

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