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| Additional information |
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| Black Capital Management, LLC |
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Overview:
ORGANIZATION AND BACKGROUND
BLACK CAPITAL MANAGEMENT, LLC a Registered Investment Advisor (RIA) provides professional investment management and advisory services specializing in the management of balanced and equity portfolio`s for employee benefit plans, corporate investment funds and portfolios of individual and family assets. The firm concentrates its investments in equities, fixed income and cash equivalent securities, thereby customizing a portfolio program for the long term investor.
BCM was founded in 1987 to provide specialized portfolio management services for a select number of clients. Terry P. Black, CFA, is the founder of the company and has been analyzing equity securities since 1979. He began his career as an investment portfolio analyst after receiving his M.B.A. in finance in 1983. Mr. Black is a member of the Association for Investment Management and Research (comprising the Institute of Chartered Financial Analysts and the Financial Analysts Federation). Mr. Black is a member of The CFA Institute as well as a member of The Kansas City Society of Financial Analysts.
INVESTMENT STRATEGY
The goal of Black Capital Management, LLC is to invest client funds in a manner that attempts to achieve their investment objectives over an extended period of time, consistent with capital preservation. This goal requires an investment strategy that can dominate the myriad of good and bad economic conditions that we must certainly realize, yet are unable to predict. BCM believes that compounded long-term steady growth that produces superior returns, as opposed to "booms" and "busts" of some short-term plans. Furthermore, BCM believes that a successful investment program must incorporate broad diversification. It is much easier to assume that over the long-term the economy will continue to rise, rather than to predict the short-term ups and downs of individual market segments. Due to variables such as market conditions, relative values and an investors objectives and constraints, portfolio management should be thought of as a dynamic process. The structure of the portfolio for the investor will evolve from these variables and therefore, the development of an appropriate investment policy and strategy is incorporated.
INVESTMENT PHILOSOPHY
The cornerstone of Black Capital Management, LLC`s investment philosophy is that investment results are strongly influenced by each client`s specific objectives and guidelines. Investment objectives can vary depending on an investor`s age, financial circumstances and the willingness to accept risk. Rather than concentrate on quarterly results, the firm`s goal is to generate above-average portfolio performance over time while preserving client`s principal. A disciplined, low-risk, value oriented approach is implemented by the firm.
BCM monitors price movements and earnings developments of each security in order to identify those that may be undergoing change. While BCM believes in preserving capital by reducing equity investment exposure during extended periods of market declines, the firm does not believe that portfolios can benefit over extended periods of time from market timing, i.e., swings completely in and out of the equity markets. Therefore, BCM maintains a capital appreciation oriented investment philosophy that is successfully implemented on a consistent, long-term basis.
A common failure of investors who do not do well is that they follow no particular approach. Instead, they randomly buy stocks with a story and end up with portfolios that do not meet their long term goals.
Expectations must be realistic. A manager cannot provide performance superior to that of the market and most other managers every quarter or indeed every year, nor can the investor expect to realize target returns if the market is undergoing one of its periodic downturns. But longer term, a capable manager should help provide a growth in assets for the investor that corresponds with the risk taken. |
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