From our first brochure, in 1995:

Horizon was created in answer to the extraordinary structural changes occurring in the personal investment management industry.  Our vision is diametrically opposed to the movement by many major institutions away from individually crafted strategies into mass-market, asset-allocation driven approaches using derivatives, mutual funds and model portfolios, which can be higher risk to individual investors.

We believe that clients must have ready access to the professionals who make the investment decisions.

We believe that our clients are sensitive to risk and require strategies that address this concern.

Long term investing is not transaction intensive.  We can therefore devote the greater portion of our resources to the customized, innovative services that can satisfy client objectives.

That could have been written today. And that was in the pre-ETF era! Our investment philosophy and approach to effectuating client goals remain unchanged.

And the equity and income strategies we offer today are not substantially different than those described in 1995, save for added functionality and institutional capabilities, such as the Spin-Off or Synthetic Income strategies, and the availability of opportunistic principal-client partnership investments.

Philosophically, using an extended time horizon to take advantage of the short-term needs of institutional investors is based on an understanding that any single or periodic formula or technique can prove inadequate or even dangerous absent the awareness of the social science aspect of investing.  Successful investing requires the integration of the qualitative aspects of social sciences (such as history and psychology) with the logical and formalized abstractions of statistics, accounting and the physical sciences. The near limitless amount of quantitative data available in financial markets has limited value without proper historical perspective, sociological context and fundamental analysis. It can lead – particularly when paired with the investment industry’s abundant use of emotive words – to behavioral biases and sub-optimal, even irrational decision making. It is, after all, a market place, and markets are a social construct.