Every investment decision begins with an analysis of the particular objectives of each client. For an individual client, a review of total assets and income streams is made, and the client's age, occupation, family and other pertinent data is assessed. Additionally, the client's tax requirements and attitude toward relative risk are determined in order to ascertain the appropriate portfolio objectives and optimum mix of securities. In the case of our institutional and corporate clients, it is our practice to have a close working relationship with representatives of the institution's finance committee to understand and assist with developing appropriate investment objectives. We maintain constant communication with our clients to review portfolio changes and market conditions, and to further develop our relationship with those who have entrusted us with the management of their assets.
The management of each account is based on its own unique set of investment guidelines and objectives. Fundamental decisions are made about the working list of securities followed by the Firm, and then each account is reviewed for the purchase or sale of those securities on an individual basis. The mix of common and preferred stocks, convertible bonds, cash equivalents, government, corporate or agency bonds or (if applicable) tax-exempt bonds is tailored to reflect our assessment of the capital markets as well as each client's specific portfolio objectives.
Our investment process utilizes a number of methods for security selection including: fundamental analysis of macroeconomic and company-specific data, use of computer databases for security screening, attendance at industry and company analyst conferences, as well as a variety of other published research reports.