Stacey Muirhead Captial Management



Our investment approach utilizes time-tested principles of intelligent investing. Achieving a superior investment record is a lot harder than most people think and developing investment wisdom comes from both direct experience and a willingness to absorb lessons from others. We have been fortunate to study and learn from the experiences and writings of super investors such as Warren Buffett, Sir John Templeton, Peter Lynch, and many others.

Over time, we have identified the following enduring principles, which we judiciously apply to our investment efforts:

  • Think about stocks as part ownership of a business.
    When we buy stocks for our investors, we have a mindset like that if we were buying into a private business.
  • Maintain the proper emotional attitude.
    It is often the case that fear and greed drive stock market prices. We strive to tune out the daily noise that is swirling about and attempt to use market fluctuations to our advantage.
  • Insist on a margin of safety.
    We only make a purchase when we judge that the company is available at a price significantly below its intrinsic value.
  • Know what you own.
    We research and analyze any contemplated investment thoroughly before making a capital commitment. We fully acknowledge that we are incapable of understanding every business and its prospects. While we constantly seek to expand our knowledge and improve our insights over time, a key component to our success is the ability to stay within our circle of competence in selecting investments for purchase.
  • Do not diversify excessively.
    We believe in concentrating our holdings in a limited number of companies in the belief that we will have a chance at superior results only if we take risks intelligently. Good investment ideas are rare and when we find one, we prefer to make a significant commitment.
  • Invest for the long term.
    Attempting to invest based on predicting short term swings in individual stocks, the overall stock market, changes in interest rates or the future direction of the economy is not likely to produce consistently good results. We focus on the long term economic prospects of our investment holdings, knowing that we can afford to be patient when we own excellent companies. This approach also minimizes the frictional costs of trading and taxes. When we do engage in investment activity with a shorter time horizon, it is based on rational analysis and thoughtful deliberation and not speculative considerations.

“An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return.  Operations not meeting these requirements are speculative.”

Benjamin Graham


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