Since joining First Manhattan, Jack has worked closely with David Gottesman. A focus on long term capital appreciation while minimizing risk is central to his investment approach. With a strong preference towards owning high quality businesses, Jack and his colleagues have had success through multiple market cycles with this time tested, tax efficient approach to compounding wealth.
Portfolio construction and management
Portfolios typically contain ~25 positions, consisting primarily of large cap companies in resilient, non-cyclical industries. Long term out-performance along with stability and preservation of capital are the central goals.
Each portfolio is tailored toward the client’s risk profile and needs, and is paired with superior operational, administrative, and support services.
Characteristics of an attractive business
Jack’s investment style is designed to outperform the market over a long period of time and there is a disciplined adherence to investing in companies that primarily have the following characteristics:
- Are franchise-oriented
- Have recurring income streams
- Have strong balance sheets, high returns of capital and predictable earnings
- Reliably generate cash—as evidenced by a high earnings yield
- Can operate their businesses with little leverage, and have proven their profitability through different economic cycles
- Employ responsible management as evidenced by prudent investments of free cash and shareholder friendly policies