For a new equity position or for the purchase of a fixed income security, we discuss each transaction in-house, evaluate the prospects for the investment, and attempt to minimize risk against the expected return. As a firm, we focus primarily on fundamental analysis and evaluate the expected opportunity of each company against the expectations of investors at large.

We may purchase securities with improving fundamentals for a short period until those fundamentals are recognized and then trade them relatively quickly.

However, in general our positions tend to be long-term. In determining the relative attractiveness of an investment, economic, industry and peer competitive analyses are undertaken. The depth and quality of a company's management is also assessed primarily through an analysis of past financial performance.