INVESTMENT PHILOSOPHY

The fund managers I invest my clients with share the following investment philosophy. The following are taken into account when selecting a fund manager.

"My success at investing in the stock market is attributed to the fact that I never sell at the top and never buy at the bottom"    Joseph Kennedy "Price is what you pay, value is what you  get" Warren Buffett

Market Timing Can Be a Fool's Game I believe it is possible to take advantage of market inefficiencies over time based on sound fundamental research. However, regularly placing speculative short term bets on market direction is risky and rarely pays off.

Two Worst Enemies I believe that fear and greed are the two worst enemies of investors. Effect of Fear Fear can lead to inactivity. It will prevent investors from doing what is necessary to provide returns greater than the rate of inflation net of tax. The result is that their capital gets eroded away with inflation. It will also prevent them from examining what is wrong in their investment process, if any, and what changes are necessary.  Effect of Greed Greed leads some investors to speculate in questionable investments based on the belief that they have greater intuitive insight than other investors. They are most at risk during bull markets when "the rising tide lifts all boats" and they believe they have a hot hand. Eventually their investments don't perform as planned and they end up disillusioned. These investors are likely to ignore conventional wisdom and proper allocation strategies, and avoid doing their homework. Also, they are susceptible to listen to the sales pitches of smooth salesmen who promise them unreasonable results.      All mutual funds and approved exempt securities are provided by Portfolio Strategies Corporation. All other products and services are provided by Brian Lepicq.

Process is Key Many investors are led by emotions. They would  be surprised how well a disciplined, conservative investment process, geared to first of all preserve what they have gained, will do.   Dominate Destructive Emotions What a principled, well-disciplined process does is to primarily tame the emotions that have hurt investors in the past. At the same time, it should be tailored to your personality and investment style so that you are comfortable with following through with it.  Must Do the Homework Doing diligent research and study before investing is a necessary preventative risk measure. Warren Buffett believes that one of the reasons he has been successful is that he invests only in what he understands. Invest in Quality at a Reasonable Price  Quality investments, particularly dividend-paying ones, are generally less volatile and usually appreciate over the long term. This is particularly true when these investments can be acquired at a reasonable price.