Our goal is to deliver superior investment performance over long periods of time while limiting downside volatility and preserving capital. To attain our objectives, we combine extensive industry knowledge with a unique and robust evaluation framework. Our disciplined and proven process results in portfolios of companies with excellent long-term prospects for capital appreciation supported by a thoughtful approach to managing risk.
The firm's time-tested framework produces the benefits of consistency, discipline and competitive advantage. History has shown that value investing offers an advantageous balance between risk and reward. MAP takes value investing beyond statistical cheapness by overlaying additional dimensions focusing attention on neglected stocks and bringing earnings estimate momentum to bear on undervalued companies.
As value investors, we buy cash flows and assets when the market offers them at discounts to their intrinsic or replacement cost. Many of our investments are quality high operating performance companies that have been neglected or whose shares have underperformed for non-structural, short term reasons.
We approach our analysis of each business from an owner's perspective and analyze the cash flow stream and drivers of return on invested capital.
Bill Moody
A portion of our assets is invested in special situations that are experiencing positive change. For example, there could be companies that have been undermanaged and may be experiencing positive change that will likely lead to reliable increasing earnings. In these situations, we look for balance sheet protection such as hard assets or cash reserves. The best opportunity in these turnarounds/restructurings occurs at inflection points when evidence of improvement begins to materialize and the perception of value shifts from the balance sheet to the income statement. We also find opportunity in companies that own assets where the value is not reflected in its current stock price.
Our proven strategy, depth of experience and independent thinking provide a unique approach to value investing, helping our clients achieve their investment goals.