Financial and Investment Advisors to Families

In a financial world where clients have become mere account numbers, and the new emphasis rests on mass-marketing investment products and gathering “Assets Under Management,” we continue to deliver the attentive personal service of a knowledgeable and dedicated family advisor.

We believe that we are better investors because of our heritage as advisors to families and the long-term perspective it requires, and we are better family advisors because we possess the deep understanding and experience of real-life, active investing.


What’s your measure of success? What is your finish line?

November 8, 2019

This fall, one October day, I was enjoying a chilly morning drive on a windy mountain road through the beautiful dense Oregon spruce forest. I was on the way to Intel’s Portland Campus. The sun was just rising above the mountain tops, and I was already wondering what kind of questions I will be able to answer on the spot, and what kind of questions will still linger long after I leave… During that half day at Intel discussing stock picking, and sharing my experience as an investment advisor to families and entrepreneurs, I kept hearing a very similar question asked in a dozen ways - What’s your measure of success?
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News vs. Noise

November 5, 2019

As investors, we are in the business of absorbing information, understanding the world, and drawing conclusions. Our goal is to deploy capital at the highest possible rate of return, while avoiding the risk of a permanent loss. We need to navigate around uncertainties in search of opportunities. That mission can only be successfully fulfilled if we limit the excess noise, but leave room for the relevant news to reach us. The more distracted everyone else becomes, the more our patient and disciplined approach shines in comparison
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Beyond The Headlines

Asset rich, but income poor

September 4, 2019

With interest rates dropping and yields disappearing while asset prices hover at all-time highs, we find ourselves in a highly unusual predicament. Over the last few years, in many conversations with clients, friends and fellow investors, I have come across a recurring phenomenon. On one hand, over the last ten years they have witnessed an unprecedented rise in the prices of their assets. However, they see that it takes a lot more capital to generate the level of income they’re accustomed to. In other words, they are asset rich, but income poor.
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August 16, 2019

Part I of this paper (July 30, 2019) concluded that conditions have gathered for a “Minsky Moment” (the time when apparent financial and economic stability turns into instability and eventually financial crisis or recession). The wait may be long for that precise moment to materialize, but since, as the saying goes, “trees don’t grow to the sky,” education and experience can give us a pretty good idea of the ultimate outcome. Thus, the main challenge lies in determining the likely timing of that moment, which is what we are going to investigate in this Part II.
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