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.
