Investment Philosophy

Jay A. Fishman, Ltd. analyzes securities through a fundamental approach based on primary and secondary sources. Concentration is placed on intermediate to longer-term time horizons with the intermediate-term representing two to three years. Strong emphasis is placed on historical operating records, profit margins, rates of return on shareholder's equity, quality of management, and visibility for superior growth of sales, earnings and dividends. No emphasis is placed on technical analysis and charting.

The goal of the foregoing selection process is to emphasize the ownership of a limited number of proven companies that possess the potential to sustain certain growth levels and translate this growth to portfolio growth over a two to five year period of time.