Investment Management

Research-Based Investing

When we founded BFS nearly 30 years ago, we were predominantly an investment firm. We focused on research, learning as much as we could about economics, finance and the companies we own to address our clients’ wealth needs

Today, research remains the core engine that drives our investment advice. Our portfolio managers and research professionals conduct extensive investment research to enhance existing data and to help ensure educated decisions. In addition, they develop strong relationships with you to help guide individualized strategies and solutions.


Philosophy: Prioritizing Preservation

Our investment philosophy has stood the test of time. From inception, our firm has invested for the long term, adhering to these five core tenets:

  • 1

    Capital Preservation

    To preserve wealth, we begin by setting asset allocation guidelines among equities (stocks), fixed income (bonds), and cash. Your portfolio is structured to conform to your tolerance for market volatility, investment time horizon, income needs, and tax considerations.

  • 2

    Commitment to Equities

    We dedicate a portion of your portfolio to high-quality common stocks, which we believe are the most effective way to outpace inflation and the best vehicle for maintaining purchasing power over time.

  • 3

    Reasonable Prices

    To moderate risk and achieve better capital appreciation in our equity portfolios, we adhere to a strict pricing discipline. We buy quality growth companies at what we perceive to be reasonable prices, providing a “margin of safety,” a phrase coined by Ben Graham, the dean of financial analysis.

  • 4

    Ineffectiveness of Market Timing

    We rely not on prediction but on your specific asset allocation guidelines, which we review to help ensure they reflect your needs.

  • 5


    We generally hold 30 or more stock positions diversified among attractive industries, depending on the size of your portfolio.

Approach: Customized Portfolios

When investing, we consider your risk tolerance, liquidity, income, and tax planning, along with superior relative and absolute performance measured over an entire market cycle.

We aim to outperform appropriate stock market indices in the equity portion of a portfolio by investing primarily in growth stocks with a risk-moderating strategy.

In the fixed income portion of a portfolio, we generally invest in high-quality taxable and tax-exempt bonds, adjusting duration to maximize income and minimize risk.

If you wish to maximize income, we use a mixture of corporate bonds, fixed income mutual funds, fixed income ETFs, preferred stocks, REITs, master limited partnerships, and other higher yielding equities to meet your income targets.