Jay A. Fishman, Ltd. analyzes securities through a fundamental approach
based on primary and secondary sources. Concentration is placed on
intermediate to longer-term time horizons with the intermediate-term
representing two to three years. 
Strong emphasis is placed on historical
operating records, profit margins, rates of return on shareholder's equity,
quality of management, and visibility for superior growth of sales, earnings
and dividends. No emphasis is placed on technical analysis and charting.
Our investment strategy consists of owning good to high quality securities at attractive prices, including fixed income securities and common stocks, on a long-term basis with changes made as required to achieve our clients' objectives. Short-term purchases (other than liquidity reserves), trading transactions, short sales, and options writing are not utilized inasmuch as such activities are deemed to be speculative. We seek to achieve a superior total return through capital appreciation and dividend and interest income.
We employ an active, top-down and bottom up stock selection process, together with propriety and non-proprietary research and financial models. In addition, common stock selections are based on a disciplined screening process that emphasizes the following fundamentals and the potential to maintain these fundamentals over the a three to five year period.
- Historical growth of sales, earnings per share and free cash flow.
- After-tax rates of return on shareholder's equity.
- Gross and operating profit margins.
- Overall financial strength, principally liquidity and leverage.
- Strength and experience of management.
- Quality of financial statements.
- Market share and degree of competition.
- Unique competency
The goal of the foregoing selection process is to emphasize the ownership of a limited number of proven companies that possess the potential to sustain certain growth levels and translate this growth to portfolio growth over a two to five year period of time.
We believe the ownership of good to high quality companies over an intermediate to long-term investment horizon can provide for meaningful capital formation.
If you have any questions not listed here,
please feel free to contact us.
