Douglass Winthrop has a disciplined investment process that emphasizes value. Attractive stocks and bonds are identified through proprietary fundamental research. Merits of selected opportunities are debated and determined by the firm's investment committee at regularly scheduled research meetings. Investment opportunities are evaluated further on the basis of quantitative data.

After considerable research, we develop a commitment to a stock as a firm and add it to our coverage list. We construct client portfolios by purchasing those securities on our coverage list that possess the most attractive reward-to-risk characteristics in an effort to control risk and maximize appreciation potential.

Bond portfolios are tailored to individual client's cash flow requirements, risk tolerance and tax sensitivity.

Fundamental and Quantitative
Criteria Include:

  • Quality of the business model
  • Management track record
  • Level of inside ownership
  • Return on invested capital
  • Internal rate of return estimates
  • Growth in tangible book value
  • Earnings/cash flow quality and potential
  • Balance sheet strength
  • Corporate governance