First, Do No Harm.

Perhaps just as important as what we do is what we don’t do. Sometimes, what makes us different is what we opt out of rather than into.

We don’t do:

• “Technical” analysis.
• “Momentum” investing.
• Investing in heavy cyclical companies with unstable earnings and high capital-intensity.
• “Sector rotation”.
• Reliance on macroeconomic models, forecasts, or “black box” models.
• Borrowing funds to buy on margin.
• Use of derivatives or options.
• Add investments with poor prospects for the sake of greater diversification.