Any fool can make things bigger, more complex, and more violent. It takes a touch of genius - and a lot of courage - to move in the opposite direction.
Here is the prime condition of success: Concentrate your energy, thought and capital exclusively upon the business in which you are engaged.
The most important investment judgements at most big institutions and for most large portfolios are made by committees, but few realise the negative dynamics of group interaction. I think that, in most instances, groups of intelligent people have so many inherent liabilities that a lone individual has a far better chance of making good decisions.
I do believe it is possible for a minority of investors to get significantly better results than the average. Two conditions are necessary for that. One is that they must follow some sound principles of selection which are related to the value of the securities and not to their market price action. The other is that their method of operation must be basically different than that of the majority of security buyers. They have to cut themselves off from the general public and put themselves into a special category.
Value investors are more like farmers. They plant seeds and wait for the crops to grow. If the corn is a little late in starting because of cold weather, they don't tear up the fields and plant something else. No, they just sit back and wait patiently for the corn to pop out of the ground, confident that it will eventually sprout.
In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule.
For investing to be reliably successful, an accurate estimate of intrinsic value is the indispensable starting point. Without it, any hope for consistent success as an investor is just that: hope.
In investing, rely on the ordinary virtues that intelligent, balanced human beings have relied on for centuries: common sense, thrift, realistic expectations, patience, and perseverance.
The simpler it is, the better I like it.
To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework.
Who we are
We bring you the agility of a boutique backed by the stability and resources of one of the world’s leading financial institutions. We manage investments on behalf of a wide range of client-partners, people who come to us for our independence of thought, understanding of financial markets, and discipline.
We relish the freedom of putting you first.
Ridgeway Investment Management is a trading name of Raymond James. Raymond James Investment Services Limited (Raymond James) is authorised and regulated by the Financial Conduct Authority. Raymond James is a wholly owned subsidiary of Raymond James Financial, Inc.
What we do
We serve mostly private individuals, their families, trustees and their advisers, via the provision of investment management services. We also work on behalf of a select number of charitable foundations. We serve those who have neither the time nor the inclination to invest capital themselves, or find our strategies particularly appealing, or both. All rely on us to look after their best interests.
Through a detailed discussion with our client-partners, we establish appropriate risk parameters and investment objectives. These determine which of our investment approaches is most suitable. At one end of the spectrum is a low-risk strategy that seeks to provide reasonable returns through all economic scenarios. At the opposite end is a more volatile approach intended to deliver high returns. Between these extremes, lie a variety of portfolios blending these strategies. Which is most suitable for you can only be determined via a detailed discussion. This is where we begin.
Where we are
Our investment office is in Wiltshire, far removed from the noise of the City, in a tranquil environment undisturbed by the agitations of an open plan office. We serve clients throughout the British Isles and the European Economic Area. We meet you wherever is most convenient.