Long-Term Investment

August 27, 2007

How long should long-term investment be? Peter Miller, President of Roffman Miller Associates, Inc., talks about his company’s investment philosophy, and idea of long-term investment.

 TWST: Do you have an overall investment philosophy for equities?

Mr. Miller: We look for companies with great products and services. We focus on strong balance sheets. And we look for great management who not only have great vision but also have the ability to deliver on their long-term plans. Basically, we buy stocks as if we’re buying the entire company and our ideal holding period is forever. That, unfortunately, doesn’t happen as often as we’d like, so we look at a horizon of at least three to five years. We are somewhat value oriented, but many of our most successful stock picks have performed like growth stocks and yet maintained the value characteristics over our holding period.

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