–Fla Lewis III, Principal
Individuals and institutions increasingly are turning to specialists to handle their investments. The trend makes sense, inasmuch as these same individuals would normally not attempt to remove their own gall bladders or fly without a pilot’s license. But those considering hiring someone to manage their investments (or investments for which they are responsible) are well advised to know as much as they can about the way the prospective manager goes about investing client money. Sometimes an existing investor will want to know more about how his or her investment manager has delivered the returns the client has already earned.
This little essay is designed to answer both inquiries briefly and in layman’s terms. It reflects an approach to investing that has served long-time clients, my family, and me personally well for more than 30 years. In some respects it is too brief—certain important considerations are skipped over or generalized into meaninglessness. Nevertheless, it is hoped that the following pages will give the interested reader a reasonable overview of the way we at Weybosset Research & Management LLC practice the art of investing.
Since most of our efforts are devoted to activities in the stock market, let me begin with a discussion of our approach to equity investments.