Rigorous, Insightful Proprietary Research

Stock price ≠ intrinsic value = profit opportunity

• Objective quantitative research based on traditional security analysis
• Focus on critical fundamentals that determine investment return
• Measure values and opportunities across a large universe of stocks
• Continuous search for improvement
• Full team participation

Experience, insight and research combined with consistent and dispassionate quantitative analysis of company fundamentals are at the heart of our valuation model. We apply our insights regarding market, economic, industry, and company fundamentals to calculate intrinsic values for more than 3,000 stocks. Comparing those values with current stock market prices, we identify bargains to buy and overpriced stocks to avoid, sell or sell short.

We do not waver in adherence to our investment beliefs but we understand that the world is not a static place; only by being creative and diligent can we continue to identify and capture good value. Since value and price reflect changing company fundamentals and shifting investor preferences, opportunity is a moving target. New ideas are analyzed, tested, and tested again, and, if appropriate, added to our stock valuation process. While our valuation model is continuously monitored and refined from time to time, our basic investment philosophy has never changed.