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 Our investment process is intended to provide a unique solution for each client based on the client's goals and expectations. The process can be outlined by the following steps:
1. Research - We research the capital markets to understand the drivers of investment returns and volatility. In some cases this can be original research, in other cases it involves reviewing papers and articles from professional journals, or academia. Ultimately, we are looking for information that confirms or contradicts our investment beliefs and furthers our understanding of the capital markets. We also review new products and investment solutions to evaluate their suitability for our customer solutions. Research is fundamental to our process, because we expect the knowledge base for capital markets and the solution set for investment management to change over time. Only by maintaining an ongoing research effort, can we expect to capitalize on those changes.
2. Due diligence - We need to understand our clients' situation, investment experiences and goals to provide effective investment advice. Additionally, our clients need to understand our process and offerings. In both cases, this should be an ongoing discussion that leads to a deeper understanding for us both.
3. Asset allocation - We build individual solutions for each client, applying our investment philosphy to their unique situation. The allocations can include 10-15 distinct asset classes across global debt and equity markets. We can provide back-tested performance numbers going to 1970 for most of our allocations (sample).
4. Implementation - In most cases, we use a combination of mutual funds and ETFs to implement allocation strategies for our clients. Our Fund Updates page includes links to some of those funds.
5. Monitor - We expect to maintain an ongoing dialogue with our clients regarding their porfolio performance, financial situation and our investment process. The dialogue includes meetings, phone calls, quarterly performance statements, monthly custodial statements, and our newsletter "The Long View." Over time, we expect our clients' financial situation will change. Additionally, our investment approach may change to reflect new research or products. By maintaining a dialogue with our clients, we can incorporate those changes into their investment solution.
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