Our investment philosophy is based on the concept that interest rate anticipation strategies do not add value over the long run. Use of sector selection, yield curve positioning, and proprietary credit research, however, does add value and control risk. As a whole, our portfolios will have intermediate characteristics, although from time to time we may hold securities that fall outside this range. Balanced account management is, to a large extent, a cooperative effort between SAM and our client. The key exercise is asset allocation.
Cash is viewed merely as a transactional element of the asset allocation process.
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