Fixed Income

• Construct portfolios that preserve capital and maximize income
• Focus on after tax returns
• Provide safety and liquidity
• Diversify issuers
• Look at alternatives in preferred stock and master limited partnerships if appropriate

Equities

• Bottom up stock selection with a long-term view.
• Hold approximately 25-55 positions.
• Focus on valuation, management capability, industry positioning, barriers to entry, growth prospects, financial strength, dividend yield, returns on capital.
• Purchase securities at a price we believe minimizes risk and provides superior return potential. We are patient investors.
• Unconstrained by market capitalization or any single investing style. We own growth and value stocks, small, mid cap and large cap stocks.
• View cash as a by-product of the investment process – if no ideas present themselves at the right price, will not be forced to be fully invested.
• Focused on tax efficiency.
• Constant portfolio monitoring.