As individuals, we at the firm have several personal goals. We would like to invest our own capital profitably, to be recognized as excellent investors, to earn fee income, and to work in a satisfying environment. We have structured the firm and our own investment activities so that our clients' goals and our personal goals coincide.

As nearly as possible, we tie every employee's compensation and personal investment results to the performance of our clients' investments:

1. Virtually all of the portfolio managers' personal investments are made through the funds we manage.
2. All of our employees' profit sharing plan assets are invested in our funds.

Thus, our personal capital is exposed to the same risks and earns the same returns as our clients. While this structure does not guarantee positive returns, it does mean that you have our undivided attention, and we and our clients win, or lose, together.