David Manischewitz is a long-term, value-oriented investor. He began his career as a Securities Analyst, worked as an Investment Banker, performed appraisals of companies and businesses, and served as an expert witness. For the last several decades, he has focused exclusively on managing portfolios of stocks and bonds.
In his own words:
“From day one, I have invested my own money for long-term appreciation, believing that is the best way to build and grow my net worth. Investing for clients who have the same goal of long-term appreciation is a natural extension of what I do for myself and my family.
I have formed a group consisting of myself, Len Berman, who does research and portfolio management, and two highly skilled assistants.
Our priority is to provide a high level of personal service to our clients. We tailor our advice to each client’s specific circumstances, making sure that each client is invested in a manner that is consistent with their specific financial and investment objectives.
We have become trusted advisors to our clients and many of whom consult us about financial and planning issues related to assets and investments held outside of First Manhattan. We value our many long-term, multi-generational relationships.
We rely on First Manhattan’s in-house research department and our own analytical work to identify the companies we own. When considering an investment, we take a long-term approach, emphasizing an in-depth understanding of a company’s fundamental business, management team, cash flow generation, financial leverage, and valuation. We view ourselves as owners of the companies in which we invest and we think like business owners. As a result, our clients’ portfolios consist of a mix of what we think are great businesses purchased at good prices and good businesses purchased at great prices. One of our clients’ key advantages is their long-term timeframe; this enables us to be contrarian investors and purchase companies that are misunderstood or temporarily out of favor. We believe that low turnover and tax-efficient compounding are critical elements of wealth accumulation. In this manner, we seek to deliver attractive long-term returns with lower risk of permanent losses.”