Research, Not Speculation          

          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 market timing have generally 

          proved 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 financial market

          research, we can 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.

          Fixed income investment in most cases is done directly,

          not through funds.

          Where appropriate, alternative and direct investments may

          be used to increase return, enhance diversification or reduce

          risk.