Oak trees
This oak tree depicts strength, stability and wisdom. It has withstood the tests of time, weather and storms. It possesses a strength that resonates. We believe this is a picture what a great company looks like. It isn't battered by storms. Great companies are bought and added to the portfolio and left alone to work for their owners. Their strength is an ever-present comfort when the inevitable storms arise. We believe our approach can produce satisfying long-term results while providing a strong, quiet measure of comfort vs. the approach of frenzied in/out trading and market timing.
We are long-term oriented, patient investors in great companies, not "flippers" of stocks. We view stocks as ownership interests in the underlying businesses and will build capital for their owners.
You can’t participate in the fruits of owning a truly exceptional business by timing your jumps in/out of the stock. Capital is built in these businesses over a long time and we believe the best way to participate in that capital generation is to be an “owner” of that business not someone who just “rents the stock” for a few months.
This isn't an easy proposition to manage - investment managers face enormous pressure to deliver strong near-term results. This pressure greatly distracts investors from a long-term orientation and as a result, it is hard for most to overcome and act in opposition to their emotions.
Ben Graham advised in 1934 that we should look at the market not as a guide for what to do but rather as a creator of opportunity. The excessive greed and panic of the crowd generates opportunities that can be taken advantage of by investors who can stay grounded. It will - at times - take patience and discipline to stay with our philosophy of limited turnover, concentrated, long-term focus but we believe it is the right way to invest.
Tolstoy (while not talking about investing) was profound when he said...
"The greatest warriors of all are these - patience and time."
You can’t participate in the fruits of owning a truly exceptional business by timing your jumps in/out of the stock. Capital is built in these businesses over a long time and we believe the best way to participate in that capital generation is to be an “owner” of that business not someone who just “rents the stock” for a few months.
This isn't an easy proposition to manage - investment managers face enormous pressure to deliver strong near-term results. This pressure greatly distracts investors from a long-term orientation and as a result, it is hard for most to overcome and act in opposition to their emotions.
Ben Graham advised in 1934 that we should look at the market not as a guide for what to do but rather as a creator of opportunity. The excessive greed and panic of the crowd generates opportunities that can be taken advantage of by investors who can stay grounded. It will - at times - take patience and discipline to stay with our philosophy of limited turnover, concentrated, long-term focus but we believe it is the right way to invest.
Tolstoy (while not talking about investing) was profound when he said...
"The greatest warriors of all are these - patience and time."
| greatmark_website_legal_disclosure.pdf |