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The beauty of discipline
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 | We are long term investors in quality assets
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| Quality, for us, is defined by financial characteristics, success of
the business and solid management, not by how well known the
company is
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| Quality assets, whether municipal bonds or growth stocks, must
be bought well, at a discount to their inherent value
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| This requires the discipline to determine a true sense of the fair
value of the asset
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| Doing our own research gives us the conviction to be contrarian
at key junctures — willing to buy when others pass, willing to sell
an investment that has become overly popular, and willing to
hold an attractive security through a volatile period
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| Our approach leads to low portfolio turnover, which is generally
more tax efficient
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