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Our investment philosophy is built around our belief that capital markets work. In a market where buyers and sellers have the same information, prices quickly reflect the collective wisdom of the market. Successful long-term investors must therefore focus on the following activities.
- Understand risk – Asset allocation is the primary determinant of portfolio returns; and one cannot expect to be paid for risk that can be diversified away.
- Measure performance – Results must be compared to relevant benchmarks to determine progress toward established goals.
- Rebalance and stay disciplined – Investing is a dynamic process requiring adjustments to maintain a targeted risk exposure in the portfolio. A rebalancing discipline will keep emotions out of the decision process.
- Control costs – Superior performance is the result of managing risk and controlling costs.