Total Return on Total Investment Capital

Various investment alternatives constantly compete for our clients' investment capital.

• Each market sector - equities, debt, hedge funds and private equity - challenges the others to produce high quality risk-adjusted return on total capital. Under one roof, around our partners' table, we continually assess the alloctation of client investment capital based upon what we believe are the probabilities of various economic and market scenarios.
  
  
• Typically, this process leads to modest adjustments in equity market sector weightings and/or fixed income portfolio duration. However, the process has also led to significant changes in weightings in asset classes. During the 2000-2002 period, our disciplines led us to reallocate substantial client capital away from stocks, to bonds and hedge funds. In 2008, we again reallocated a significant portion of client assets from stocks to cash and bonds. These moves had the effect of preserving total capital value.
  
  
• In our 30 average years of managing investments for individuals and institutions, we have come to appreciate that our clients' primary objective is a reasonable and consistent growth of their total investment capital.