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.
Our investment strategy emphasizes the construction of clients’ portfolios with a limited number of good to high quality individual securities, including common stocks, bonds and exchange traded funds. We emphasize a top down rather than bottom up approach to security selection. Common stock and bond portfolios are each generally limited to 20 to 25 holdings. We strongly believe that excessive diversification produces average performance over the longer-term.