Liberty Hill built its investing philosophy on Benjamin Graham's advice in The Intelligent Investor. Mr. Graham was Warren Buffet's professor at Columbia University, and is considered the grandfather of value investing. His philosophy holds that one should buy companies that have excellent management, strong underlying financials, and, for one reason or another, are currently ignored by Wall Street.

Most investors frequently make two key mistakes: they are too active and they react to market events. The top investors identify and buy the best companies within the most attractive sectors and make adjustments to a portfolio only when something fundamental occurs. Fundamental events would include strategic or management changes at the company, or events that impact the entire sector.

Unfortunately, the incentives for most money managers or brokers are not aligned with their customers: there are either incentives to trade actively (commissions), sell proprietary products which have hidden costs and are not efficient (e.g. funds, complicated structured products), or sell stocks of companies with which their bank has a relationship (i.e., they are not neutral). Liberty Hill is an independent fee-only investment adviser, eschews mutual funds, and maintains no relationships that conflict with the interests of its clients.

Liberty Hill Asset Management, LLC • 548 Market St., Ste 23250, San Francisco, CA  94104
phone: 415.205.0394 • fax: 866.801.8672
email: info@libertyinvesting.com