Robert J. Haley, CFA
Robert Haley developed an early passion for investing. He applies his engineering background to his analysis of businesses. Importantly, Rob strives to identify not only attractive businesses, but also those that are being undervalued by “Mr. Market,” Benjamin Graham’s metaphor for the stock market.
The market may undervalue a stock for a variety of reasons. It may not fully appreciate the long-term resilience of a business or its barriers to entry. It may be unwilling or unable to look beyond the next few quarters to the growth and profitability that may come over the next few years. It may simply be reflecting human emotions, biases, and over-reactions. These dynamics create opportunities to buy shares of good businesses at prices that provide a margin of safety.
Rob’s investment process includes bottom-up, fundamental analysis of individual companies and the industries and regulatory environments in which they operate. His regular meetings with company senior management teams enable Rob to assess their strategy and capital allocation priorities firsthand.
Portfolio construction and management
When constructing client portfolios, Rob seeks to:
- Identify companies that have sustainable long-term growth prospects, high and steady margins, attractive returns on invested capital, high free cash flow relative to earnings, and managements that allocate capital in shareholder-oriented ways.
- Build portfolios that are diversified yet provide focus on the best investment opportunities.
- Manage the account for long-term wealth creation and tax efficiency with an eye towards capital preservation.