Mr. Wilson: Cumber-land Private Wealth Management was founded in 1998, but our clients have actually been with us as long as 30 years. We've been managing wealth for high net worth individuals for decades and we have always approached it with the same two goals, which are first, protecting our clients' capital; and second, growing their wealth over time. That's at the very core of how we think about investing. I'm John Wilson, our Chief Investment Officer and I'm joined today by Peter Jackson, head of our Canadian investment team, and Peter Mann, head of our U.S. investment team.
TWST: What is the firm's investment philosophy?
Mr. Wilson: I'll go back to the two goals I mentioned earlier, protecting capital and growing wealth over time. Our philosophy is really driven by three things; number one, we've always had a value-orientation. We believe a focus on value provides the best opportunity for long-term returns and gives us a margin of safety in protecting capital. Number two, we very strongly believe we can do the best job on and achieve our goals if we're process driven. By that I mean we have a defined investment process that we follow very closely, because we fundamentally believe it improves the timeliness of our investment decisions, increases the frequency of successful decisions, gives us confidence that those successful decisions are repeatable and it allows us to implement a very active risk management process to help us protect our clients' capital.
Finally, I would say that our philosophy is to be disciplined. We don't wander off into ideas and themes that we don't feel we know a lot about. We keep a high degree of focus on areas where we feel we have the most expertise and we stay disciplined to our process and value orientation. Those are the three keys to our philosophy and we drive them down through the entire organization.
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