OUR ADVISORY APPROACH

Three Principles

Academy Capital Management's approach is grounded in three important principles. The first principle is liquidity. Your assets are invested so that you may easily withdraw 100% at any time. There are no "lock-up" periods. This liquidity also means that the prices of assets are set by the market, not the manager.

The second principle is "margin of safety." For us, a “margin of safety” comes from investing in a business we understand, alongside a management we trust and at a price we like. The volatility of markets are invaluable in our quest for a "margin of safety" and cause us to disagree with theories which associate greater volatility with greater risk. Further, a “margin of safety” actually increases over time for superior investments.

The third principle is matching liabilities with assets. You have goals with varying time horizons, ranging from short-term - such as tax payments, to intermediate - such as college funding, and long term - such as retirement funding. As we become aware of the nature of your commitments, we identify which of our approaches may be most appropriate for you.

Based on these principles, we limit our investments to selecting opportunistically from money market assets, U.S. government bonds and common stocks. We do not invest in commodities, because our preference is to invest in an asset class that is income and earnings productive.

Client Communications

We communicate with you through a quarterly letter which discusses the current investing environment, our firm's investment results and our thoughts. These quarterly letters are supplemented with telephone calls, personal meetings and this website.