Our Philosophy
- Bottom Up” Stock-Pickers. We analyze and invest in stocks on their individual merits. We do not use “top-down” or macro-economic trends to determine our positions.
- Know What You Own Well. We invest in stocks that are ‘knowable’. We know our stocks in depth. With concentrated portfolios, we emphasize depth over breadth.
- Sleep Soundly. We want to sleep soundly at night. We want our investments to make that easier. We want to avoid downside risks.
- Valuations Matter. Markets tend to dismiss valuations. While we are not ‘value’ investors strictly, we do believe low valuations can protect against downside risks.
The Lightwater Approach
- Canadian Mid-Cap Stocks. We are focused on this neglected segment of the market and capitalize on its inefficiencies.
- Independent Thought. We march to our own drummer at Lightwater. We do not rely on external sources for ideas or analysis.
- Rigorous Analysis. We believe in financial modelling and we have spent 18 years building our library of models, customized for each company. We utilize a variety of valuation metrics.
- Concentrated Portfolios. We do our homework so we want to earn a good return on that investment in research. We are not afraid to hold large positions in our highest conviction names.
- Investors, Not Traders. We have a patient approach to investing.
