Characteristics & Performance:
Intrinsic Value Equity Strategy Q4 2022 - The objective of the HLCM Intrinsic Value Strategy is to generate compound returns for investors. The strategy employs a fundamentally- driven process to identify 20-30 diversified equity positions which include attractively valued long- term and medium-term opportunities. Long-term opportunities are sought in “Great Businesses” purchased at reasonable prices, with a goal of holding them for . . .
Income Advantaged Strategy Q4 2022 - The Income Advantaged Strategy offers a compelling strategy for investors seeking:
Strategy Spotlight: Taiwan Semiconductor Manufacturing Company - Taiwan Semiconductor Manufacturing Company (TSMC) is an independent
manufacturer of semiconductors (“chips”) which are used in computers, phones,
automobiles, rockets, and any product requiring electronic brains. TSMC is one of the
most vital companies in the modern world...
Strategy Spotlight: Liberty Broadband - Liberty Broadband is primarily comprised of the 52 million shares of Charter Communications it owns, which represent 26% ownership. Charter is a leading broadband connectivity and cable operator serving more than 31 million customers in 41 states via the Spectrum brand. Charter was assembled by the merging of three smaller cable companies in 2016 with pursuit of . . .
Strategy Spotlight: Berkshire Hathaway - Berkshire Hathaway is a holding company owning subsidiaries engaged in diverse business activities. The most important are the insurance businesses, rail transportation, and energy. Secondary in importance is the large collection of businesses in manufacturing, servicing and retailing. In total, Berkshire owns nearly 80 operating companies and employs . . .
Teaching Memo: Stress Testing Is Key To Risk Management - The current investing environment may be classified as “increasing uncertainty” given high inflation, increased geopolitical conflicts, materially higher interest rates, and potential recession among other headwinds. A successful investment operation will own various securities, assets, and businesses that are resilient throughout all periods but especially difficult periods.
Analysis: Analysis is the most critical success factor in actively managing a portfolio. Our proprietary research helps us develop a differentiated view from the market consensus.
Insight: Knowledge and experience enable us to identify risk and return tradeoffs to make solid investment decisions. Contrarian thinking helps us challenge conventional beliefs.
Managed Risk: A “margin of safety” approach seeks to pay a price materially less than the estimated value. This emphasizes the ability to withstand adverse developments while leaving potential for moderate investment returns or only minor capital loss.