Our Investment Philosophy

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Decades of academic research concludes that most active managers - whether managing mutual funds, separate accounts, or hedge funds - do not outperform the market itself. Although some active managers outperform the market during certain periods, it is impossible to know in advance which managers will beat their relative benchmark indices. Broadly diversified funds that allow you to participate in the market as a whole are generally much less expensive and much more tax-efficient than traditional actively managed funds.

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A better investment experience can be found by designing investment strategies that seek to capture the market's returns, while also seeking to avoid risks where no additional returns are expected. This involves favoring the balance of the portfolio towards securities that have the characteristics identified in academic research that may produce higher expected returns over time.

Furthermore, focusing on controlling the things that are in your control like fund fees and to a lesser extent taxes, yields true benefits.  Therefore, using low-cost index funds and tax planning adds to the long-term success of a portfolio.

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