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"The difficulty is to detach the framework of fact — of absolute undeniable fact from the embellishments of theorists and reporters. Then having established ourselves upon this sound basis, it is our duty to see what inferences may be drawn, and which are the special points on which the whole mystery turns." — Sherlock Holmes (A. Conan Doyle - The Memoirs of Sherlock Holmes) |
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Client individuality | |
| The fundamental objective of BTR's investment staff is to meet each client's long-range return objectives while attempting to reduce risk. | ||
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Value investing | |
| Buying stocks below expected long-term fair or intrinsic value due to temporary conditions should yield superior returns with a margin of safety, resulting in lower risk. | ||
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Quality in security selection | |
| To allow our sector, market, and value judgements the highest probability of success, we try to avoid surprises and therefore pursue quality companies with proven management teams. | ||
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Long-term time horizon | |
| The short-term orientation of most institutional and individual investors creates opportunity for long-term investors. After all, it takes time for companies to implement their strategies and plans. For this reason, and for client tax efficiency, we are long-term investors. | ||
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Sector/Theme orientation | |
| Our world is constantly changing. With change comes opportunity. What changes are taking place and which sectors are going to benefit are among the first questions we ask. | ||
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Risk aversion | |
| One way to outperform, is to avoid big losses. At BTR we endeavor to protect our clients through portfolio and sector diversification, an active sell discipline, and value-based stock selection disciplines that evaluate the downside risk of each purchase. Of course, securities investing includes substantial risk, which must be understood and accepted by each client. | ||
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Fixed income | |
| Fixed income investing should be both basic and defensive. The primary purpose of fixed income is to provide predictable, reasonable total returns, while preserving principal value. | ||
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