We Invest Our Money Alongside Yours
Since 1957 we have managed money for
wealthy individuals, pension plans, charitable
foundations, funds of funds, the firm, and family members.
We Are Educated and Experienced
Our senior portfolio manager, Thomas Herzig, has
35 years of investing
experience. Two of us have Ivy League degrees. Four have CFA
designations. One of us formerly worked for the
SEC, one for a major U.S. bank, and one for a major brokerage firm.
We Are (Careful) Opportunists
We have been in the market too long to think any one approach works
forever, and tend to avoid the artificial distinction between value and
growth investing. If forced to choose, we would join the value camp.
Contrarians by nature, we often like stocks depressed by short-term
difficulties. We always seek a margin of safety in the price. Over the
years we’ve found that long-term success in investing comes as much from
avoiding large losers as in finding big winners.
We Tailor Our
Approach to Your Needs
We are investment professionals rather than “asset gatherers.” Unlike
many larger firms, we get to know the needs and wishes of each client,
many of whom have been with us for decades. And unlike mutual fund
holders, each of our clients knows exactly what holdings are in his or
her portfolio and can discuss them with us at any time.
We Keep Things Simple
We are structured as a broker-dealer and receive all our compensation in
the form of commissions on purchases and sales of securities. This lets
us keep administration to a minimum. Pershing LLC, one of the largest
U.S. clearing firms, with over $1 trillion in client assets, does our back
office work and holds your securities.
We Tell You the Costs
Many investment accounts, including those containing “house” funds sold
by major brokerage firms, are loaded with
poorly disclosed costs
totaling 3% or more. Over time these annual costs take a huge bite out
of your capital. Generally the total investment costs paid by our
clients average between 1% and 1.5% of average invested
assets for accounts over which the Firm has investment
discretion authority and, in most cases, less for
We Are Performance Oriented
We have tracked the “time-weighted” performance of individual
accounts since the mid 1980s, long before it was common to do so. Past performance, of course, does not
guarantee future results.
is a CFA designation?
What is "time-weighted"
What does a clearing firm do?
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