A client’s portfolio is like a business. We think it should be managed like one.
The hallmark of a well-run business is the effective generation and management of cash flow. The ability of a business to create and sustain its cash flow over time empowers the business’s owners to meet their short-term needs and long-term objectives.
In an investment portfolio, cash flow means income. For sophisticated investors, an investment strategy that seeks to capture and compound high levels of income — especially on a tax-exempt basis — can become a powerful source of wealth creation and preservation.
In these key components of our investment strategy, we stress the fundamentals of value investing and follow a long-term approach to wealth creation: