Our Approach

A History of Wealth Stewardship

A picture may be worth a thousand words, but we think an insightful quote may be worth even more.

Several of our favorite quotes appear across our website. In addition to saving a reader’s time, we believe these quotations can help:

  • Provide clarity to the world of investment management where investors’ choices can be confusing and overwhelming.
  • Provide insight into our firm, what differentiates us in the marketplace, and what our purpose is.

Consider the words of legendary investor John Bogle nearby. He notes that an important shift has occurred over time within the investment management industry.

Bogle notes that the top priority of investment manager profession had once been the responsible stewardship of client assets.

He suggests that over the years client interests often have become subordinated to the priorities of the investment management firm itself. The business practices widely adopted—growing the size of the firm, a “product” (versus service) orientation, and unnecessary portfolio complexity—often are designed to favor an investment firm’s bottom line over clients’ best interests.

"Investment management used to be a profession focused on stewardship. It has become a business focused on salesmanship."

- John Bogle

One thing our clients can be certain of is that we have not participated in this shift of priorities. Since our founding in 1981, our mission—our very purpose for existing—has been the responsible stewardship of clients’ assets.

Stewardship may sound old-fashioned, but we believe that doing what’s right for our clients—particularly when it’s not the easy or a popular thing to do—never goes out of style.

Seat at the Table and Skin in the Game…

When decision makers at Amazon Inc. meet, they always leave an empty seat at their conference table. The vacant chair represents their customers. It’s intended as an important reminder that successful decisions must reflect the interests of their clients.

When Capital’s investment team meets, clients always have a seat at the table, for we, too, are clients of our firm. Most of us have our investment wealth—and that of our families—invested in the same stocks and bonds as all our clients.

‘Eating our own investment cooking,’ or what’s commonly called ‘having significant skin in the game,’ aligns our interests with those of our clients.

"Skin in the game can be summed up in one sentence: You want to associate with people who will share not only upsides with you but also downsides. When someone is getting paid to sell you a product but captures no downside in the transaction (this describes the bulk of Wall Street transactions), that person doesn’t have skin in the game, and his advice may not be in your best interest."

- Vitaliy Katsenelson, Author and Investor

"Mercenaries worry about entitlements; missionaries are obsessed with making a contribution. Mercenaries are motivated by the lust for making money; missionaries, while recognizing the importance of money, are fundamentally driven by the desire to make meaning."

- John Doerr

Skin in the Game…and Soul in the Profession

Our commitment doesn’t end with ‘skin in the game.’ Each of us at our firm has ‘soul in the profession’ as well. Our purpose—our mission and meaning as a firm—is wrapped up in what we do.

Legendary investor John Doerr noted that he found investment success was significantly improved if he invested with what he called ’missionaries’—those on a mission of purpose. He contrasts ‘missionaries’ with what he termed ‘mercenaries’ in the quote nearby.

Here is a link to a piece entitled ‘The Difference Maker: a profession of stewardship.’ While we wrote this piece a number of years ago, we include a link to the original version for it serves as a foundational mission statement for our firm.

A History of Wealth Stewardship

A picture may be worth a thousand words, but we think an insightful quote may be worth even more.

Several of our favorite quotes appear across our website. In addition to saving a reader’s time, we believe these quotations can help:

  • Provide clarity to the world of investment management where investors’ choices can be confusing and overwhelming.
  • Provide insight into our firm, what differentiates us in the marketplace, and what is our purpose for existing. Consider the words of legendary investor John Bogle nearby.

Consider the words of legendary investor John Bogle nearby.

He notes that an important shift has occurred over time within the investment management industry.

Bogle notes that the top priority of investment manager profession had once been the responsible stewardship of client assets.

He suggests that over the years client interests often have become subordinated to the priorities of the investment management firm itself. The business practices widely adopted—growing the size of the firm, a “product” (versus service) orientation, and unnecessary portfolio complexity—often are designed to favor an investment firm’s bottom line over clients’ best interests.

One thing our clients can be certain of is that we have not participated in this shift of priorities. Since our founding in 1981, our mission—our very purpose for existing—has been the responsible stewardship of clients’ assets.

Stewardship may sound old-fashioned—but we believe that doing what’s right for our clients—particularly when it’s not the easy or a popular thing to do—never goes out of the style.

Seat at the Table and Skin in the Game…

When decision makers at Amazon Inc. meet, they always leave an empty seat at their conference table. The vacant chair represents their customers. It’s intended as an important reminder that successful decisions must reflect the interests of their clients.

When Capital’s investment team meets, clients always have a seat at the table—for we, too, are clients of our firm. Most all of us have our investment wealth—and that of our families—invested in the same stocks and bonds as all our clients.

‘Eating our own investment cooking’ or what’s commonly called ‘having significant skin in the game’, aligns our interests with those of our clients.

Skin in the Game…and Soul in the Profession

Our commitment doesn’t end with ‘skin in the game’. Each of us at our firm has ‘soul in the profession’ as well. By this we mean our purpose—our mission and meaning as a firm—are wrapped up in what we do.

Legendary investor John Doerr noted that he found investment success was significantly improved if he invested with what he called ’missionaries’ –those on a mission of purpose. He contrasts ‘missionaries’ with what he termed ‘mercenaries’ in the quote nearby.

Here is a link to a piece entitled; ‘The Difference Maker: a profession of stewardship’. While we wrote this piece a number of years ago, we include a link to the original version for it serves as a foundational mission statement for our firm.

Managed With Integrity. Executed With Intelligence.

Our approach to wealth management is grounded in our dedication to stewardship. We carefully protect and oversee your investments, making daily conscious decisions to guide your portfolio toward your investment goals. You can feel secure knowing that your wealth is in the surest of hands.

Effective Stewardship for Responsible Investors

Some wealth management firms invest your money and then walk away. That isn’t the Capital way. We watch over your portfolio more closely than if it were our own, carefully guarding and guiding your wealth to maximize long-term outcomes.

Stew·​ard·​ship (noun)
    1. The careful and responsible management of something entrusted to one’s care
    2. Our promise to do the right thing, always
Merriam-Webster Dictionary

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