For investors, the importance of making and then evaluating decisions within the context of well-articulated investment principles cannot be overstated.

Our principles are informed by an understanding of human psychology, an appreciation of financial theory, a deep awareness of history, and close monitoring of current events. These principles can be applied over and over in similar circumstances, acting as beacons that guide our actions when faced with difficult choices in uncertain times.

By outlining our investment principles, it is our intent to set clear expectations for the way we make decisions and manage portfolios.