In a financial world where clients have become mere account numbers, and the new emphasis rests on mass-marketing investment products and gathering "Assets Under Management, " we continue to deliver the attentive personal service of a knowledgeable and dedicated family advisor.
We believe that we are better investors because of our heritage as advisors to families and the long-term perspective it requires, and we are better family advisors because we possess the deep understanding and experience of real-life, active investing.What leads to success in investing? Many might think it's setting lofty goals with precise deadlines.
We believe that we are better investors because of our heritage as advisors to families and the long-term perspective it requires, and we are better family advisors because we possess the deep understanding and experience of real-life, active investing.What leads to success in investing? Many might think it's setting lofty goals with precise deadlines.
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Franois Sicart is a Founding Partner of Sicart Associates, LLC. He is a graduate of HEC Paris. Before founding and chairing Tocqueville Asset Management L.P., he had been a general partner of Tucker, Anthony & R.L. Day and vice-chairman of Tucker Anthony Management Co. He has 47 years of experience managing individual clients' accounts and their family affairs, and has sat on a number of bank and investment fund boards.
We invest family fortunes and help families to grow and prosper harmoniously over the generations. Our observation is that bad life choices erode family fortunes faster and more surely than poor investment returns. Therefore, excellent investment management, for which we strive, is desirable but not sufficient to preserve wealth.
We believe that the best opportunities can often be found where the majority doesn't want to look. We search for out-of-favor companies which are currently disliked by the market, often because they face temporary challenges.
We are willing to look beyond these uncertainties as long as we have reasons to believe that not only are these companies strong enough financially to survive their current challenges, but also are likely to perform well in the future.Typically, our picks have already underperformed long enough to have discouraged the majority of investors' capitulation.
We are willing to look beyond these uncertainties as long as we have reasons to believe that not only are these companies strong enough financially to survive their current challenges, but also are likely to perform well in the future.Typically, our picks have already underperformed long enough to have discouraged the majority of investors' capitulation.
As a rule, we identify value investments among companies that are temporarily out of favor with the market. The investing crowd often forgets the recurring characteristics of cyclical businesses and starts believing that a decline is secular - or it is not patient enough to wait for the ultimate recovery.
Once we find a potential investment idea that meets all the criteria and belongs to one of the three categories above, we test its fit in the portfolio. Our goal is to craft a relatively concentrated portfolio with 30-50 stocks, depending on their suitability to each client's individual situation. We aim to maintain a diversified portfolio, and we adjust position sizes over time, both while we build the position and later, as we trim it.
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