Our Investment Beliefs
| Belief #1: Consider risk. | Considering the downside of an investment is simply the most important thing an investor can do. |
| Belief #2: Be rational. | Remember a stock is part ownership in a business. That principal provides the foundation for rational investing. |
| Belief #3: Buy value. | Value investing is the only safety-first approach we have come across. By putting the margin of safety at the heart of our process, the value approach minimizes the risk of overpaying for the hope of growth. |
| Belief #4: Be different. | Sir John Templeton observed that, “It is impossible to produce superior performance unless you do something different from the majority.” |
| Belief #5: Be patient. | Patience is integral to a value approach on many levels, from waiting for the fat pitch to dealing with value managers’ curse of being too early. |
| Belief #6: Be unconstrained. | We are willing to own small, medium and large size companies in every sector. We are also willing to own both domestic and international investments. |
| Belief #7: Don’t forecast. | Predicting the future is not a reliable investment policy. Our focus is on trying to understand the facts. |
| Belief #8: History matters. | The four most dangerous words in investing are “This time is different.” Knowledge of history and context can help to avoid repeating the blunders of the past. |
| Belief #9: The Golden Rule. | Surely the ultimate test of any investment is: would I be willing to make this investment with my own money? |
| Belief #10: Use leverage carefully. | Leverage is a double-edged sword that should be used with great thought, care and sparingly. |
| Belief #11: Be familiar with your investments. | A relatively concentrated portfolio allows us to be more intimate with our investment holdings. |
| Belief #12: Invest for the long-term | If the research process is done correctly when an investment is purchased, the time to sell it is – almost never. |
Disclaimer: Advisory services offered through O’Keefe Stevens Advisory, an investment adviser registered with the U.S. Securities & Exchange Commission. Fact sheet is for informational purposes only. O’Keefe Stevens Advisory is not providing any investment recommendations with the publishing of this fact sheet. No performance data is included in this document.
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