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We believe that successful portfolio management requires a strict adherence to an investment process that is based on fundamental research, a sell target, common sense, and patience.  Markets are usually quite efficient in terms of assessing the impact of what is known, but they are also driven by emotion, optimism and pessimism. 

Portfolios are constructed with an appreciation for opportunity as well as inherent risk.  Analysis of fixed income investments puts a premium on safety of principal.  Successful equity investments can often be found among those companies that have real or perceived problems which caused them to fall out of favor.  Valuation tends to be low for such companies, especially on a normalized basis, and patience is required for that company’s value to be realized by investors.

We are guided by the following principles:

• We must earn the confidence and trust each client has placed in us every day. 
  
• We must practice our craft with passion, dedication, and an exemplary work ethic to meet our clients’ expectations.
• Managing our clients’ assets is our only business and every client is served directly by the firm’s principals.