Joel Hirsh

Provides brokerage services

Kovitz Investment Group seeks long-term capital appreciation of client assets through high risk-adjusted returns. To accomplish this objective, the firm emphasizes the preservation of capital and minimization of risk primarily by investing in mid to large-cap companies believed to be significantly under valued. They seek market leaders with strong competitive positions, stable products and economies of scale or scope, low capital requirements and experienced and competent management with ownership stakes. To be considered quantitatively, companies must have high returns on capital, high correlation between earnings and cash flow, low financial risk, valuations based on discounted cash flow models and sell below intrinsic value. For fixed-income, Kovitz does not attempt to forecast interest rates. They seek to capture above market yields via disciplined purchasing strategy, not by assuming added credit risk. Portfolios are comprised primarily of AA and AAA rated bonds. When purchasing bonds, the firm's portfolio managers are flexible as to the timing of principal and interest payments. They may consider premium and discount bonds that will provide additional yield from the reduced demand. In constructing portfolios, their portfolio managers may accept modest liquidity risk when such risk returns significant yield enhancement.

Functions as a College/University

Kovitz primarily invests each of their client’s portfolios in equities (stocks) and/or fixed income (bond) securities that are considered out-of-favor and undervalued by the investing public. The philosophy also includes holding them until they have reached what their investment team believes is a reasonable fair value, or until the team finds equity candidates with what it believes are more attractive risk/reward attributes, or the particular equity’s risk/reward profile does not justify continued ownership. Their equity selection philosophy is based on adopting a business owner mentality and adhering to a Margin of Safety principle. The firm’s investment approach to fixed income investing stresses preservation of wealth.

Focus Partners's services are based on long-term investment strategies incorporating the principles of Modern Portfolio Theory (MPT). Their investment approach is rooted in the belief that markets are efficient and that investors’ returns are determined principally by asset allocation decisions, rather than market timing or stock picking.