The basic tenets of our investment philosophy include:

The delivery of consistent, above-average returns requires flexibility in portfolio characteristics.

 We may emphasize/de-emphasize:
o Growth vs. value
o Cyclical versus non-cyclical
o Large, mid and small cap companies

	Superior returns are achieved through recognition of developing trends in the investment environment that are likely to drive stock price appreciation
	An emphasis on active sector rotation; In our experience, this approach has historically resulted in compelling returns