In managing portfolios for affluent investors, our goal is to maintain
wealth while growing it at a rate appropriate to the individual client's objectives and constraints. Our client portfolios are customized to achieve a particular balance of risk and return.

To a large extent, financial markets are efficient and securities are correctly valued. Attempts to outperform capital market returns by trying to identify market errors through security selection and by market timing have generallyproved unsuccessful over an extended investment horizon.

Therefore, we select investments designed to deliver capital market returns rather than speculate on the fortunes of individual securities.

Rather than focus on current market events, we structure portfolios based upon long-term trends in the financial markets.

Asset allocation, or the strategic distribution of assets across various asset classes, is the primary determinant of results. By building portfolios in the light of historical financial market research, we seek to structure a portfolio in which risks are compensated by return at a level appropriate for the individual investor.

Consistent with our philosophy, our portfolios tend to have very low turnover and low fund expenses.