As bottom-up, fundamental investor, I focus on businesses I understand that trade at low valuations. If I can’t understand the business, I don’t invest. I identify potential investments by conducting my own research and due diligence on companies that investors appear to have become overly excited or overly pessimistic about. My strategy is to invest in companies that trade at a discount to my estimate of fair value.
I am willing to endure periods of underperformance in order to achieve better results over the long-term. In other words, I personally prefer a lumpy 14% return to a steady 10% return. My portfolio will likely underperform when the market produces higher returns, but I expect to outperform in other market environments.
I typically focus on quality companies that I believe have very positive or very negative investor sentiment. By doing so, I try to identify stocks that could be mispriced in the short term, and good companies to hold over the long term.
My portfolio is concentrated and typically holds 5 to 15 positions at any one time. I prefer to invest more money in my best ideas. Rebalancing occurs as I find investment ideas that I believe are better than those in my current portfolio. I am not afraid to hold cash under certain market conditions.
One of the main reasons I will sell a stock is because I believe better investments are available. I will also sell if I determine that I was wrong in my initial valuation analysis of the company and that the margin of safety is not large enough. I will not sell simply because an investment has declined in price.
Past performance is no guarantee of future results.
Performance of the portfolio manager's account is calculated by Covestor on a daily time-weighted basis, including cash, dividends and earnings distributions and broker commissions. Manager returns include trades and positions that fail Covestor's trading rules, as a result, actual client returns will differ. Covestor advisory fees are simulated and applied retro-actively to present the portfolio return "net-of-fees".
Average client returns are calculated by Covestor and are composed of the average, time-weighted returns of all active client investments (some of which may contain investment restrictions) to the underlying portfolio. These daily average returns are then linked together for the timeframe presented. These returns include cash, dividends, earnings distributions, brokerage commissions and Covestor advisory fees.
All graph data is as of the end of day for the referenced period, unless otherwise specified. The investment minimum is the minimum investment required to follow a particular portfolio. The minimum amount is determined by Covestor, based on the characteristics of the underlying portfolio. It should not be considered as specific investment advice for your investment situation.
The performance charts are provided for informational purposes only, and should not be used as the basis for making an investment decision. Variables such as corporate actions or foreign exchange may affect daily performance displays. We rely on mathematical formulas, computer programs, and pricing information from third-party vendors to provide these returns. Neither Covestor nor any of its data or content providers shall be liable for any errors in this information or any actions taken by you in reliance upon this information.
Benchmark returns have been calculated by Covestor using a time-weighted calculation of daily index valuations. Benchmarks presented are total return and therefore inclusive of cash, dividends and earnings distributions but not transaction costs.
Leverage indicates the level of margin utilized and is calculated by dividing gross exposure by portfolio net liquidation value.
All Portfolio Manager information including personal data, profiles, strategies, monthly investment reports, and historical results outside of Covestor has been provided by the Portfolio Manager. Covestor makes no representation or warranty of its accuracy, completeness or relevance and it does not represent the opinions of Covestor. Transaction history is available upon request. Portfolio classifications are provided by Covestor, and are intended to serve as a general guide.
Transactions that are marked as "Replicable" passed Covestor's trading rules and were eligible for replication at the time of execution, subject to individual
client constraints. Eligibility for replication may change over time. Actual client investment trade activity may vary.
Index returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an Index.