Harper Asset Management was founded in 2001 to offer clients a fundamental, long-term oriented approach to investing. In an industry noted for time horizons measured in days or weeks, our patient and time-tested approach is the exception rather than the rule.
We seek to identify and invest in securities which are mispriced by the market. We emphasize the investment merits of each individual security, are macro-agnostic, and focus most of our efforts on less traveled areas of the market. Our investment philosophy is grounded in the margin of safety approach as originally conceived by Ben Graham. Equity purchases typically contain the following characteristics:
- A low price relative to fundamental measures of value and our estimated long-term “intrinsic value”
- Reasonable downside protection via a conservative capital structure
- Measurable and predictable long-term earnings power
We recognize that there are different factors or inputs which influence long-term returns, including return on invested capital, franchise or competitive advantage, size, and others.