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Investment Management and Philosophy

Client Centered

As representatives of an independent Registered Investment Advisor (RIA), we have a fiduciary duty to our clients to ensure all aspects of their financial plan are in their best interest. This includes all advice, investment recommendations and ongoing monitoring.

Eventually, portfolios reach a size and point of complexity at which self-management is no longer sustainable, and meaningful opportunities that could make a substantial, compounding difference in your long-term net worth, are potentially being missed without professional oversight.

It’s important to clarify that when you hire financial advisors, they don’t actually take possession of your money. Instead, they use a third-party custodian (in our case Fidelity Investments), and ideally, this custodian would have no affiliation or shared ownership of the Registered Investment Advisor (RIA) with which you’re working. And the custodian would simply be acting as a trusted intermediary.

Your advisor is only given discretion to select the investments in your accounts, and this discretion can be revoked at any time by calling the custodian (again, in our case, Fidelity), and you don’t need your advisor’s authorization.

When it comes to investing, we will take the time to ensure we understand your investment objectives and comfort with investment volatility, allowing us to provide you with insights into your current investment allocation and strategy, and make recommendations that suit you and your personal objectives. We carefully consider several vital areas related to portfolio management:

Asset Allocation

Based on our research and the client’s personal volatility tolerance and time horizon, we will make recommendations on how your assets should be distributed across different companies, market capitalizations (size of companies), industry sectors, and geographic regions.

Fees & Expenses

In addition to asset allocation, we pay close attention to the expenses of the investments you own, as these will of course have an impact on your returns over time. Most of our strategies primarily use individual stocks, so our clients directly own the shares of the businesses in their portfolios and only incur fund expenses when truly necessary (and never with any conflicts of interest).

Long-Term Horizons

We don’t invest for the short-term, nor make impulsive moves in the market based on current events. We invest with a long-term perspective and hold our positions proactively.

Diversification

We look to mitigate our client’s risks by properly diversifying their portfolios and avoiding large concentrations in any one company or category.

Customization

We custom tailor portfolios to client specifications, particularly concerning values/moral compasses. Primarily owning individual stocks/companies in our strategies allows us to do this effectively. We respect and take care to honor our clients’ values and authentically believe in many of the merits of socially responsible investing.

Taxation

We review the client’s portfolio and situation to determine the efficiency of their holdings and accounts. In every scenario, we seek to maximize tax-favored accounts, locate tax-sensitive investments where appropriate, and minimize each client’s tax liability through strategies such as tax-loss harvesting.

Selectivity

When selecting stocks, we are not attempting to forecast winning companies. Instead, we utilize deep forensic accounting data and blended macro views from some of the top institutions in our industry, seeking to identify underperforming companies whose fundamentals have deteriorated faster than the average stock in an index and remove or avoid these companies. In addition, we only invest in established, profitable businesses with large amounts of cash on their balance sheets, which help us assess their ability to weather a more challenging economic climate.

401(K)s

Unlike most other money managers, we can directly advise on and manage the investments in these plans, with most custodians. These assets often get ignored by advisors, which is unfortunate, as they so often ultimately become one of the biggest assets on the balance sheet, and asset allocation should be coordinated and optimized across all portfolio investments.

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