We create a distinct advantage for our clients through the proactive rotation of their assets through various industry sectors. At certain times, we shall maximize their equity holdings while at other times, we shall minimize their exposure to market volatility.

We define value as a function of the price-to-earnings ratio of the company, and on an historical basis, we have observed that stronger profit growth potential is available through financially solid companies which may temporarily be out of favour. The concept of buying low and selling high can be more successful when using a rotational investment style based upon analyzed value and expected profit growth. To complement our qualitative approach to macroeconomic and financial analyses, we have developed a proprietary buy/sell discipline as a quantitative affirmation of appropriate price levels of action. The program is the product of more than fifty years of experience in the management of assets, and is based upon historic valuations, prices, and earnings of more than two thousand corporations.

Our discipline has achieved a remarkably high degree of success in identifying undervalued as well as overvalued securities, and has been effective in signaling appropriate opportunities at which to buy, hold, or sell. We tend to exit from a market cycle before its peak, and likewise, we tend to re-commit cash ahead of a cyclical upturn. While an increase in cash position might be construed as contrarian in approach, this defensive rotation into cash has safeguarded our clients' assets on many occasions. This was especially true during the stock market crashes of 1987 and 2000. We sold all of our clients' equities several months prior to the downturn, preserved their assets and cash equivalents, and then prudently took advantage of new opportunities to buy growth stocks at reasonable valuations.