Our goal for Investment Perspectives is for it to be one of the ways that we communicate our thinking (past and present) to clients and the general public. We believe that investing is an iterative process and we know of no better way to test our own thinking than to share it with others. We encourage readers to send us their thoughts or questions.
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Preservation of Capital
At HCM, our approach is to invest our clients’ capital to preserve value and purchasing power over long periods of time. Clients have worked hard to grow their money over the decades. They are diligent savers who have been through many stock market cycles. They have experienced both the fear and greed in markets. We believe we are currently in one of those “greedy” cycles. Preservation of capital may seem contrarian or “out of step” in the current times when money is cheap, and a lot of capital, as shown by the chart below, is chasing fewer opportunities leading to high asset valuations. Yet, as always, we stick to our process. In this letter, we go through our investment process in times of market excesses.
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