Who We Are

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.

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.