Our Services

“Leadership is born from the service of others.”

We offer Portfolio Management and Wealth Planning services. Through our established partner network, we are also able to provide institutional-level access to other services, such as global custody, lending, trading, and comprehensive trust services.

Technology plays a critical supporting role, enhancing the efficiency of certain functions we perform and services we provide, including research, data mining and processing, financial planning, risk management, compliance, and reporting.

Portfolio Management

INVESTMENT STRATEGY

You are an integral part of our process. We ask questions and we actually listen. We collaborate to fully comprehend what you aim to achieve so that we are able to create tailored, impactful solutions.

ASSET ALLOCATION

Applying goals-driven asset allocation, we seek to align your goals with broadly defined asset classes. We embrace behavioral economics for the simple reason that people are incapable of always behaving rationally or making economically rational decisions. We believe that behavioral economics is relevant with respect to both asset allocation and investment/security selection.

PORTFOLIO CONSTRUCTION

With respect to equity portfolios, our preference is to actively select and own a handful of exceptional businesses (i.e. publicly traded shares in 15 to 45 companies) because we believe, over time, this approach is superior to passively and indiscriminately owning a broad basket/index of hundreds or thousands of businesses — most of which, by definition, are neither exceptional nor above average.

We favor businesses that are run by competent energetic leaders who not only think and act like owners, but are indeed owner-managers.

Our investment selection process incorporates fundamental research, security analysis, and an understanding of macroeconomic factors. We often extend this process further, taking into consideration environmental, social, and governance (“ESG”) factors that may be particularly meaningful to you. We refer to this extended process as “Clean Conscience Portfolio Construction.”

ALTERNATIVE/OTHER ASSET ADVISORY

In collaboration with industry experts and other advisers, we render advice with respect to various types of alternative investments, such as tangible assets, collectibles, real estate, private equity funds, hedge funds, and venture capital funds.

INVESTMENT STRATEGY

We endeavor to identify corporate events (i.e. special situations) and long-term value investment opportunities suffering from one or more market dislocations, inefficiencies, or misperceptions. To these, we apply behavioral economics, critical thinking, and independent analysis with the following objectives: seek a margin of safety (i.e. avoid a permanent loss of capital), preserve and grow purchasing power, and be efficient regarding costs and taxes.

PORTFOLIO CONSTRUCTION

We seek to manage a concentrated low-turnover portfolio, typically 15-20 investments, consisting primarily of equity and equity-related securities. Investment strategy mix (i.e. Event vs. Value) varies annually. Event investments are typically owned for less than one year. Value investments are typically owned for several years — ideally indefinitely. While all publicly traded investments comprise our opportunity set, we favor market-leading small/mid-cap companies, run by exceptional owner-managers, with defensible business models and durable competitive advantages.

 

Wealth Planning

We analyze your budget and cash flows, confirm your financial goals and objectives, assess your risks, and determine how best to achieve your goals and objectives over time.

We communicate with your CPA to maximize after-tax returns and coordinate the exchange of information to facilitate tax filings. We also communicate with your other investment managers, as necessary, to mitigate counterproductive activities, such as “wash sales” or forced asset sales to raise cash.

As an independent client advocate, we collaborate with your attorney to ensure that wealth transition and succession plans are consistent with your wishes. We also help review estate planning documents, and work with appropriate industry professionals to assess insurance needs.

Your family may desire to define its wealth in broader terms (e.g. philanthropic, educational, scientific), while remaining consistent with its history, purpose, and values. Our holistic approach encourages the establishment, fulfillment, and preservation of such wishes.