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Overview
Risk Management
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It's our view that most brokers/advisors
are basically marketers. A slick presentation is meant to distract
from performance and fees, and just enough investment jargon is
used to discourage clients from asking too many questions. "Buy-and-hold"
is promoted, which allows the advisor to charge active management
fees without having to do any managing. Furthermore, little attention
is paid to security valuation, and most advisors don't venture
beyond U.S. mutual funds. If this is what you expect from your
investment expert, you have a large number of advisors to choose
from.
The Aspera approach is very
different.
- We provide customized, professional,
active investment management to our clients.
- Each portfolio is separately managed
based upon the unique risk tolerance, time horizon, tax status,
and investment objectives of the client.
- Performance matters. Our principal
has a long-term track record of generating top-tier investment
results.
- We adhere to a disciplined investment
philosophy and Buy/Sell process.
- We invest alongside our clients.
If an idea isn't good enough for our own portfolio, it isn't
good enough for our clients.
- Valuation is critical in our analysis.
We are a value investor with a strong contrarian bent. We do
our own valuation work, examine raw data (not headlines), and
draw our own independent conclusions.
- We are not a "buy-and-hold"
investor. Our sell discipline involves liquidating positions
if our target has been reached, if we find a better use for
the funds, or if our investment thesis proves false.
- Our investable universe includes
virtually every asset class, and we invest in markets around
the world. We go wherever we find opportunity.
- We do not believe in diversification
for the sake of diversification. Over-diversification is a recipe
for mediocrity. We focus only on attractive asset classes and
securities.
- We're as concerned with wealth preservation
as we are with growth. We control risk by limiting position
sizes and exposures, and we're comfortable owning cash-like
instruments when opportunities are limited.
- When appropriate, we make use of
more advanced strategies such as shorting and options in order
to capitalize on opportunities as well as hedge risk.
- We keep client costs low, and we
focus on after-fee performance.
- Client assets are managed in a tax
efficient manner with an emphasis on maximizing after-tax returns.
- We communicate with our clients
regularly about performance, portfolio composition, and our
outlook.
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