Tactical Four-Step Investment Process

Step 1: Research
The CMR Investment Research Team defines the investment objectives and identifies the investable universe from the global capital markets. We select the investments that best match the stated objectives through focused analysis, disciplined methodology, and leading in-house and third-party research. “The person that turns over the most rocks wins the game.” – Peter Lynch

Step 2: Respond
Allocate capital only to those investments in the established universe that are in a confirmed uptrend and undervalued, utilizing a quantitative and technical analysis process. Cash is an asset class that is utilized to minimize volatility and losses. In advancing markets, cash/short-term bond exposure decreases. Conversely, in declining markets, cash/short-term bond exposure increases. “Find a trend, throw yourself in front of it.” – Warren Buffett

Step 3: Advance
Monitor each investment, making tactical adjustments weekly/monthly if needed, in response to changes in the global capital markets, business cycle, a specific sector, or an individual company or fund. Investments that continue to advance and maintain upward momentum are kept. Investments that enter confirmed downtrends are sold and reallocated to another security or cash. “Be fearful when others are greedy, and greedy when others are fearful.” – Warren Buffett

Step 4: Protect
Protect gains through a disciplined sell strategy for each invested position. Our research focuses not only on when to buy, but also on when to sell. Our objective is not to “buy, hold, and hope,” but to “Advance and Protect.” “The investor should have a definite selling policy for all his common stocks.” – Ben Graham