Our Philosophy

"Any successful fixed-income strategy must be built around the attainment of stated objectives.  No strategy can deliver everything all the time, nor should it try. That’s a recipe for failure.  A successful strategy must make choices regarding objectives, then must be disciplined and laser focused to deliver on those objectives."

"It's hard to outperform in an efficient market by doing what everyone else is doing.  I believe an innovative approach to an inefficient market makes consistent outperformance more possible.  At the same time, artificial constraints created out of convenience only reduce your potential risk-adjusted returns."

"Attempting to specialize in too many things is self-indulgent for the manager and detrimental to the investor.  Focusing on core competency and competitive advantage serves the investor best.  He can always hire other managers to cover other areas."

"You’ve got to be willing to take a long-term view and take risk off when spreads are tight at the expense of short-term under-performance of competitors who may be reaching for yield in that environment."

"Trade execution is a critical component of a successful security selection strategy.  Extensive experience gained over thousands of trades, helps to hone trade execution skills, particularly in a less liquid market like Structured Credit."

"One bad trade can wipe out the excess return from ten good trades.  Consequently, I believe credit risk assessment at the time of purchase and credit surveillance on an ongoing basis are critical to preserve the excess returns generated by a security-selection-focussed strategy."