INVESTMENT PHILOSOPHY

Our investment philosophy is based on a fundamental belief in capitalism and subsequently how free capital markets function.  We start with the simple notion that supply and demand of securities are the sole determinants of securities pricing.  Correspondingly, we believe capital markets are highly effective discounters of all widely known information.  Therefore, to add value through active management, one must identify information not widely known or interpret widely known information differently and correctly from other market participants. We apply proprietary capital markets technology to seek out and process opportunities to exploit such information. Our capital markets technology is developed through the study of finance theory, history and empiricism.