U.S. Equity
Mid Cap Core

Investment principles (mental models)

1. The market is fairly efficient.  The best way to exploit limited opportunities and to leverage investment acumen is to concentrate bets.
2. Alpha is elusive.  It requires constant diligence and flexibility to consistently outperform benchmarks.
3. Valuation theory is valuable.  Although valuation disparities may occur for shorter periods of time, stocks migrate to intrinsic value over longer periods of time.
4. Stock picking is the most effective strategy to outperform over the long-term. 
5. Mid caps are a very attractive universe for stock picking.
6. Long-term thinking helps filter out short-term noise.  It provides a greater “signal-to-noise” ratio.
7. The future is indeterminate.  We don’t know what is going to happen for sure, nor does anyone else.  We can assess probabilities, however, and manage the distribution of potential outcomes.
8. Culture is critical to sustainable, long-term, organizational success.

Masthead photo source: 2005 NASA