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The principal goal of our firm is to maximize the risk-adjusted return of our portfolio. While the value from any particular component of our portfolio may fall in a given year, we strive to create a balanced collection of investments and hedges that will yield consistently high risk-adjusted returns. We view investment decisions as homework problems. We try to get the best answer to the problem within the time constraints imposed by markets. We also try to anticipate possible investment opportunities so we will have done our homework and are ready to immediately calculate the risk-adjusted return on the investment at the price at which we are being offered the security.