At Narwhal, equity investing is all about value. Or perhaps more appropriately, equity investing is about identifying under-valued stocks with understandable stories.
We firmly believe that bottom-up individual equity selection is both a science and an art.
We consider losses to be more mathematically damaging than gains are psychologically joyful, and as such we invest prudently by focusing closely on stock valuations relative to components such as free cash flow, balance sheet strength, earnings potential and dividend distributions.
While we tend to begin our stock screening process with more measured analysis, we firmly believe that bottom-up individual equity selection is both a science and an art. In the light of that, we do place an emphasis on less tangible items such as company management, barriers to entry and economic moats.