We conduct proprietary independent research and focus on quality and long-term staying power in the investments we select. With regard to common stocks, we believe that investors achieve success through long-term ownership of companies with certain critical qualities based on sustainable growth principles.

Some of the key requirements for sustainable growth are essential products and services, superior management, consistently attractive internal rates of growth, strong financials and expanding business prospects.

In addition, the managements of such companies understand that they serve diverse constituencies - customers, suppliers, employees, shareholders and communities. They are sensitive to broader concerns such as humanitarian issues, quality of life and the environment.

Outside of the equity portfolio, we invest in high-quality bonds for current income needs and risk management. We select only those fixed-income securities exhibiting the highest credit and quality standards.