Investment Management

Our Philosophy

We believe in wealth built quietly — through ownership of enduring
businesses — and sustained through discipline over time.

Our Approach

Concentrated. Selective. Long-term.

We invest generationally.

Focused on decades, not quarters.

We prioritize durability.

Every investment is selected for competitive strength and intrinsic value.

We aim to avoid permanent loss.

No opportunity is worth existential risk.

We value resilience.

Lower volatility helps clients stay invested when it matters most.

We keep it clear.

Full transparency. Complete liquidity. No lockups or complexity, with cash settlable in one day.

DWA Flagship Strategy

Our Flagship investment strategy is a long-term, concentrated equity strategy focused on 25-30 high-quality businesses in the U.S. and international markets, designed to grow capital while limiting the risk of permanent loss.

We are quality value investors, seeking to make long term investments in the common stocks of exceptional companies with intrinsic values that exceed market prices. We do not invest to mirror an index. We invest to own exceptional businesses.

Our goal is to protect and grow our clients’ capital, net of fees and taxes, over the long term. We do not outsource to pooled vehicles, alternative strategies or external managers.

We keep trading to a minimum, generally holding companies for more than five years. Our long-term horizon enables us to take advantage of short-term price volatility and the tendency of many investors to chase performance or momentum.

We believe our investment approach, over time, produces favorable outcomes, including relatively low volatility, positive absolute returns net of fees and taxes, transparent reporting, liquidity and adequate (but not excessive) diversification.

Partners in our firm own the same securities that our clients do.

Our Research Process

We have a time-tested, disciplined research process that is designed to assess intrinsic value. Every DWA investment must meet five criteria:

Sustainable competitive advantages

Our companies possess wide economic moats, defined by high returns on invested capital, consistent pricing power, high customer switching costs and durable barriers to entry arising from brand, distribution or technology.

Shareholder-oriented management teams

We invest in companies run by shareholder-oriented teams, evidenced by effective capital allocation (share issuance or repurchases, mergers and acquisitions, dividends), high-quality GAAP reporting, clear communication with shareholders, inside ownership, reasonable executive compensation.

Abundant reinvestment opportunity

We seek companies that can reinvest operating cash flow at high internal rates of return to accelerate growth, expand margins or strengthen competitive advantages.

Strong financial position

We favor companies with low levels of debt and consistent free cash flow so they can prevail in times of market stress without the need to access external financing. We prefer not to compound business risk with financing risk.

Attractive valuation

While price-to-earnings, price-to-free cash flow or multiple of book value are important metrics, our priority is the relationship of market price to our assessment of intrinsic value, conservatively determined by understanding a company’s long-term earnings power.

Latest DWA Equity Strategy Letter

Our investment approach is fully integrated with our wealth management team — ensuring our clients’ portfolios reflect their broader priorities, time horizons, and long-term plans.

How we plan