Buy Good Businesses and Own Them a Long Time

At Intelligent Capitalworks, we believe that the key to investment success is being a discriminating buyer ‒ and a patient owner. We didn’t invent this bit of wisdom ‒ it’s been applied by many successful investors, including Warren Buffet. The good news is, the approach that works for Warren (and countless non-famous investors) can be…

Behavioral Mistakes are Punishing

Much has been written about whether financial advisors can help clients generate market-beating investment outperformance. Amid all of the activity that investors and their advisors pursue in hopeful expectations of outperforming the market, it’s easy to overlook the risk that those activities might create below-market returns. Underperformance can easily come from the unnecessary losses that…

The Value of the Long View

When building wealth for the long term, your goal should be time in the market ‒ not timing the market. This view represents the difference between being a long-term owner and a short-term renter (of stocks). If you can only take one investing axiom to heart, this might be the one. Moving in and out…

Investing Lessons from the Pension World

In last week’s blog, we discussed goals-based wealth management, a thoughtful approach to identifying and achieving your most important financial objectives. Now let’s look at asset/liability matching, which is a key part of the goals-based investing framework. Asset/liability matching originated in the pension world.  Pension managers are responsible for meeting specific objectives, namely, paying specific…

Quantifying An Advisor’s Value

We live in an increasingly do-it-yourself world, largely thanks to technology.  Using 3-D printers, we can make our own toys and gadgets.  Carbonation machines let us create sodas in our own kitchens. And of course, we’ve been able to invest online for years. The DIY trend has prompted more than a few people to ask…