We aim to grow real portfolio value over time, ahead of inflation and taxes. We seek to invest in high-quality stocks at attractive prices for long-term capital appreciation and high-quality bonds for principal preservation, liquidity, and predictable cash flow. It takes discipline and experience to forego speculative short-term gains in favor of greater long-term returns. Discipline—guided by experience—are the cornerstones of our successful investment strategy. By choosing investments that clients can hold over time, we help build long-term wealth while protecting principal.