WHAT IS OUR INVESTMENT APPROACH?
Winston Investment Management follows a business-like approach to investing. We evaluate the stock of a company in the same way we would evaluate buying the entire business. We look at the short and long-term financial prospects of the business, the competitive environment of the markets it serves, and the management team. We estimate the value of the business using a number of proprietary valuation approaches. This evaluation determines the price we are willing to pay. We seek to identify attractive businesses, and then buy them at sensible prices.
Finding Investment Opportunities
We follow investment opportunities where they lead us. At Winston Investment Management, we are highly skeptical of today’s over-simplified distinctions between value and growth stocks or small cap and large cap companies. We will invest in well run and successful businesses, regardless of size, whether they are rapidly growing or more mature companies. We will also consider most industries and sectors. At the individual company level, our criterion for investment is extremely selective.
The effect of negative surprises can be meaningfully reduced by the willingness to believe one’s own eyes. Capital markets often overreact to information, both positive and negative, and for both the short and long term. More important, capital markets often react to noise, such as media coverage that sensationalizes business problems, that has minimal economic impact on the companies in the marketplace over the longer term. We focus on screening out noise, and analyzing information as objectively as possible, free from conflict and outside influence. Frequently, such short term over-reactions in the market provide us with the opportunity to invest in sound businesses at discounted prices.
Christopher J. Donabedian, CFA/ President & Chief Investment Officer
Christopher Donabedian co-founded Winston Investment Management, Inc. in 1994, and is a registered investment advisor. He developed the firm’s equity and derivatives analytical and portfolio management process. He continues to direct all research and portfolio management efforts in the following areas:
- Equity research and Portfolio Management
- Derivatives analysis
- Private Placement analysis
- Property Development analysis
Prior to co-founding Winston Investment Management, he served as Vice President of Winston Financial, Inc., a consulting firm to institutional investment management firms. He specialized in investment product research, and due diligence efforts on behalf of investment management clients.
He is a Chartered Financial Analyst, a member of the CFA Institute, a member of the Cincinnati Society of Financial Analysts, and a member of the CFA Society of Chicago. Mr. Donabedian received his B.A. in Economics from the Ohio State University and his MBA from the University of Chicago. He is also an adjunct instructor in finance at the University of Illinois-Chicago.
Brian Wade/ Vice President
Brian is an experienced executive and successful entrepreneur with over two decades of investment management, senior leadership & business management experience. Brian is the Vice President & Managing Director of Winston Investment Management, Inc.
He began his investment career at Fidelity Investments Portfolio Advisory Services business. He served as the Director of Strong Capital Management’s Strong Advisor division. He also directed the $4.5 billion retail business at Rydex Global Advisors before relocating to Cincinnati to start his management consulting practice and begin the entrepreneurial phase of his career. Over the last decade, Brian has co-founded three profitable companies, he now serves on their boards.
Prior to Joining Winston Investment Management, he was Vice President of Clarke Power Generation, Inc. He was a member of the Clarke’s executive committee and 401k fiduciary committee. In this role, he had P&L responsibility for a seed-to-flower power generation business with two US manufacturing locations and a service group covering ten states.
Brian has his bachelor of science in business management from Emmanuel College in Boston, MA. He is a New England native and has resided in Cincinnati, OH with his wife and two children since 2002.