[   Excuse our formality.  ]

We take a sensible and specific approach to managing generational wealth, one rooted in long-term perspective as well as short-range detail.

 

We stand by these eight principles to guide our decisions in investing and managing your money. We invest your assets as we do our own.

Independent investing is in your best interest. Managing your assets in-house, versus relying on outside managers or funds, reinforces our independent outlook. We are fiercely independent in our thinking, and dive deeply into research and evidence to make critical investment decisions. While we are open to other’s opinions and research, we trust only ourselves to make final decisions about committing your money. Since excessive layering of fees ultimately can lessen returns, direct management of your assets also helps reduce fees and increase potential returns.

Fundamentally, investing is a long-term process. In the short-run, financial markets fluctuate and overreact to current events and crises. History has consistently proven that investors are rewarded for sticking with a long-term strategy. We look to the long-term.

Diversification works; market timing doesn't. Broad market timing is largely unproductive. The only free lunch in finance is the ability to combine less than perfectly correlated assets, creating portfolios where the returns are maximized for a given level of risk. We diversify your portfolio to help ensure your money is working for you.

Risk can be a good thing. Certain risk factors are consistently rewarded higher than others over time. Effective risk management is built on broad asset allocations spanning stocks, bonds, and other investments, all carefully tailored to meet your needs. We manage risk for its upside potential.

Markets are strongly efficient, but not perfectly efficient, and they are difficult to outperform. A structured and disciplined approach grounded in evidence-based research offers the best shot at adding return over the broad market.

All costs matter. Complete transparency, including full disclosure and monitoring of all explicit and implicit investment expenses, is required to effectively manage costs and maximize returns. No cost is too small to consider.

Taxes are relevant.  Minimizing portfolio turnover and maximizing tax-loss harvesting can add significantly to after-tax returns. Taxes are an investment risk that can be managed. 

We maintain a fiduciary standard of care. As an SEC Registered Investment Advisor (RIA), federal law requires that we follow a fiduciary standard of care, acting at all times solely for the benefit of our clients. Stockbrokers and bankers are subject to a much less rigorous standard based on suitability. Read more about the benefits of working with an RIA. We also are bound by the highest ethical standards, the CFA Institute Code of Ethics and Standards of Professional Conduct.