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Ukraine, Volatility, & Why Valuation Matters.

Over the past few weeks, we have frequently been asked to comment on what is happening in Ukraine and the effect it is having on world markets. Although this is a horrendous humanitarian situation, even foreign policy experts cannot say what the outcome will be. The investment philosophy of the focused portfolio managers (buying quality companies and paying quality prices) is something that we can rely on. Although future predictions are not guaranteed, history has shown us that staying the course with good investments eliminates the need for guessing.

Why do we focus on quality?

The one thing that is guaranteed is that there will always be the next crisis. The question is not “if” but “when”. Ensuring that the companies in your portfolio are of high quality provides the peace of mind that they will not go bankrupt through a recession or different extreme macro-political events. These companies are usually leaders in their respective sectors and are very hard to replace. Downturns in the market give our portfolio managers opportunities at attractive valuations.


Today it is the Ukraine crisis, tomorrow it will be something different. Although we are all appalled at what is happening in the Ukraine, our investment process does not change. Our portfolio managers owned quality & undervalued companies before the crisis and continue to do so.

Want to talk more? As always, I would be happy to hear from you.

- Ryley

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