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 invest in securities which are selling for prices well below our appraisal of intrinsic value. We emphasize the investment merits of each individual security and avoid engaging in macroeconomic forecasting. Our investment philosophy is heavily influenced by the a 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
Our dual approach seeks to guard against permanent loss and offers the prospect of superior long-term investment performance.