Individuals

Porter, White & Company provides investment management services to a special class of individuals who share our investment philosophy based on the teachings of modern finance and avoid stock picking and market timing in favor of broadly diversified portfolios engineered to achieve long term fi-nancial objectives. We prepare an investment policy statement for all of our clients. In the case of individuals this statement is based on our analysis of their position in life, the level of their income and of their assets, their need for liquidity for children, retirement or other purposes, their ability to sustain risk from a psychological point of view, and their need to take risk in order to realize return. The investment policy statement includes an asset allocation specifying the types and relative amounts of investments that have been agreed upon for the client's portfolio. Except in highly unusual circumstances, investments are broadly diversified within categories and are also geographically diversified internationally. Particular attention is given to reducing the cost of investment (including many costs that are usually hidden from investors).

PW&Co provides reports on investment performance at least quarterly (in addition to account statements delivered monthly or quarterly) and updates investment policy statements annually following face-to-face meetings. Major events in the markets or in the life of clients usually result in more frequent meetings. Our written reports are cogent, focused on results as compared to previously agreed upon investment benchmarks, and results as compared to history, and include brief descriptions of the major events in the financial markets during the quarter. We want our clients to understand what is happening to their investment assets. However, we do not attempt meaningless predictions or explanations that have no basis in accepted principles of financial economics.