Philosophy

Our approach to investing is concentrated, long-term, and contrarian. Adhering to this discipline is what differentiates us. We are direct, accessible, and accountable to our clients.

As contrarian “value” investors, we prefer to take the road less travelled. Not to be different, but because that is where an investor can truly have an edge.

Many investment managers have a short-term focus and are under intense pressure to perform in-line with benchmarks or indexes. As a result, events that may occur 3-5 years in the future have little utility to the typical portfolio manager.

We believe that extending one’s investment time horizon can materially reduce risk and help identify outsized investment opportunities. Over time our sense of long-term only seems to get longer.

Our sweet spot is finding misunderstood investments where near term issues cloud the long-term view. This allows us to compound capital for years to come, often in a tax advantaged manner.

Much of the investment world has consolidated into indexed strategies dominated by a small number of large companies. We see this concentration as an opportunity. By looking past the crowded center of the market and extending our time horizon beyond the next quarter or two, we eliminate competition and find investments others have overlooked.

~ Rick Silver & Josh Stewart