Business Principles

“If you are working on something exciting that you really care about, you don’t have to be pushed. The vision pulls you.” – Steve Jobs

Excellence in investing

Our goal is excellence in investing. To us, this means achieving attractive returns without commensurate risk, an imbalance which can only be achieved in markets that are not “efficient.” Although we strive for superior returns, our first priority is that our actions produce consistency, protection of capital, and superior performance in bad times.

Proprietary, in-depth research

Adding value in our market requires a “knowledge advantage” that can come only from proprietary, in-depth research. Our team of highly skilled specialists created a research methodology that is consistently applied. Our research revolves around enumerating the elements required for success and identifying investment candidates through which we seek to satisfy those requirements.

Commonality of interests

In order to achieve commonality of interests with our clients, we pay strict attention to potential conflicts of interests, avoiding them if possible and dealing fairly with them if not. We put clients’ interests ahead of our own and treat all clients equally. It is our fundamental operating principle that if all of our practices were to become known, there must be no one with grounds for complaint.

Personnel practices

Our personnel practices must contribute to the achievement of our clients’ objectives. A harmonious workplace and a spirit of cooperation are indispensable; personnel turnover, office politics and unhealthy competition are to be guarded against. The fruits of our labor will always be shared broadly and equitably with our staff. To that end, employee stock ownership and firm-wide profit participation are key.

Communication with clients

Communication with clients must meet their needs and strengthen our relationships with them. We want every client to thoroughly understand our philosophy, approach, actions and results. If what we do ever comes as a surprise to a client, then we have failed in this regard. In reporting our performance, we accurately state our achievements, neither hiding behind excuses for losses nor taking credit for serendipitous gains.

Fee arrangements

Our fee arrangements should compensate us fairly for the value we add and advance a constructive business relationship. Fee arrangements should motivate us to act solely in our clients’ best interests; they should be fair, competitive and explicit. All accounts of comparable size must pay comparable fees for the same service.


Our firm’s profitability must stem from doing all of the above. Melior is run for the benefit of its clients and their constituencies, as well as for its owners and employees. Profit without performance, bigness for its own sake and prosperity through cost cutting are all explicitly rejected. Our earnings should grow if we achieve excellence in investing… but only then.


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