• Price change (growth)
• Cash flows (income)

These strategies rely heavily on rising prices to make reasonable returns (the typical "growth" portfolio generates less than 2% of income). However, over the past 100 years growth has contributed less than half of the total return in equity markets. Income (primarily dividend income) has been a much larger contributor to equity returns than most people realize.

We seek to maximize income on our investments and "lock in" as much return as possible from the beginning. We view income as the "reliable friend" of investors, while relegating growth to being the stereotypical fair weather friend who comes around when times are good. Our strategies target 7-8% income as an initial return base and are also designed to appreciate in rising markets. This approach is less dependent on the economic cycle and has a higher probability of achieving positive investment returns.