David’s role encompasses the research, development and implementation of Bellwood Capital’s equity investment strategies, proprietary models and systems.
To draw reasonable long-term expectations for the market or a portfolio, one has to understand and assess the fundamental drivers of return. Total return comes from two sources: Sustainable return and revaluation. Sustainable return is the fundamental growth of a business (i.e. revenue growth, profit growth, etc.), including the capital returned to shareholders by way […]
When we put together a new portfolio, we always invest at least 70% into our best investment ideas, adequately spread across different industries and geographies. The stock market has been a leading source of long-term investment returns for the last century, and we don’t believe this is about to change. Further, although the market is […]
The most notable event of the 4th quarter was Donald Trump’s unexpected election victory – a victory that was supposed to send global markets crashing down. Instead markets have rallied strongly into the end of the year, much to the surprise of pundits everywhere. This apparent contradiction highlights a very important aspect of investment philosophy: […]
Diversification is quite simply the spreading of one’s investment across a range of assets, the goal being to reduce investment risk. Contrary to popular belief, diversification is a balancing act rather than a free lunch. To understand our approach to diversification, one first has to understand what drives investment return: The goal of investment is […]
When we first meet new clients, we like to take them through a presentation of our process so that they can understand how we manage their portfolios and what to expect over time. At the beginning of this presentation, we briefly discuss the importance of things like costs, transparency, alignment of interests and liquidity. While […]