News Announcements
Announcements
September 10, 2009
Porter White & Company announces the re-launch of the investment management white paper section of its website. All of the papers have been reviewed and edited as appropriate, and four new white papers focusing on fixed income investing have been posted.
The purposes of white papers are as follows:
- We document and explain our approach to investment management for use as reference for our clients and their advisers; and
- In papers that tend to be technical in nature, we publish the basis and rationale in financial economics for how we construct investment portfolios.
All of our papers have been discussed, debated and reviewed internally as our investment recommendations evolve to reflect new information and insights.
While we are constantly reviewing investment research, changes in our investment policies have been very gradual and relatively minor over the past decade. The area where most change has occurred recently is fixed income. We have spent the last 18 months reassessing the role of fixed income in our clients’ portfolios and have made a number of adjustments, some of which were fortuitously timely.
Our former approach used almost exclusively short-term high quality investments. We have added high-quality intermediate fixed income to portfolios with large stock market exposure and “inflation protected securities” to protect against unexpected increases in the level of inflation. Very recently, as the credit crisis has offered investors higher risk premiums in fixed income investments, we have started to include a broader range short term investment grade fixed income securities in our recommended portfolios. All of these changes were made after reviewing the available academic literature and performing our own analysis.
We welcome feedback and comments as part of our continuing study of the best way to manage our client portfolios. For more information, please contact Goodloe White.
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