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To achieve an attractive absolute return over a full market cycle.

Investing for

  • Risk defined as losing money

  • Flexible mandate allows for patience

  • No sector constraints

  • Elevated career risk

  • Independent; unique

  • Fiduciary duty uninhibited

  • Risk = underperforming benchmark

  • Cash constraints & fully-invested mandates

  • Sector constraints

  • Limited career risk

  • Consensus; similar

  • Conflict between mandate and fiduciary duty

Absolute Returns

Relative Returns


Full Market Cycle

A full market cycle consists of both a bull and a bear market.  A full market cycle occurred from October 9, 2002, through March 9, 2009.  During March 2020, the S&P 500 Index declined by more than 20% from its February 19, 2020, peak, which technically qualified as a bear market to many investors.  However, the downturn was extremely short-lived and modest in comparison to the preceding bull market.  We would not classify the 2020 pullback as a bear market.

S&P 500 FMC.jpg


S&P 500: The Standard & Poor's 500 is an American stock market index based on the market capitalizations of 500 large companies.  It is not possible to invest directly in an index.  

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