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Investment Philosophy

Value investing was originated in 1934 by Benjamin Graham in his classic textbook, Security Analysis. We adhere to the following value oriented investment principles:

  • Common stocks should be viewed as small parts of a business that is for sale.
  • By analyzing fundamental data of a business, an investor can determine its intrinsic value or measurable worth.
  • When a common stock is selling for less than its intrinsic value it is undervalued and can be purchased with a “margin of safety” to protect capital and provide for a satisfactory rate of return.
  • Value investing rewards discipline and patience. A minimum time horizon of 3-5 years is usually necessary in order for share prices to reflect intrinsic values over time.
  • We invest worldwide in both U.S. and foreign stocks to provide for greater diversification and enhanced rates of return.