Building long-term portfolios through deeply researched investments.

We look for companies that treat shareholders, employees and customers as stakeholders. We look for companies with an ownership culture, companies that take pride in who they are and what they do, companies that nurture relationships with each stakeholder, perform better over time, and make long-term ownership possible. We look for companies that will give our clients a sense of pride in ownership. We buy ownership interests in real, solid businesses that have a history of profitability and a penchant for doing things right.

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Investment Strategy

We invest with a 3 to 5 year timeframe, hoping to hold each position as long as possible, though knowing markets often overshoot to the upside as they do the downside. Given this reality, we understand that an infinite holding period is the exception, not the rule. We target the 3 to 5 year timeframe because while the market itself tends to price in a long duration, the average annual turnover of US stocks is over 250% per year, and consequently, the average transaction is premised on the quarterly newsflow of a given company rather than the long-term value proposition. This mismatch between the duration of equities and the holding period of the average investor is a crucial source of inefficiency in market valuations. Moreover, longer holding periods provide a tax advantage and minimize transaction fees.

Investment Strategy

Portfolio Construction

We operate what we would call a moderately concentrated portfolio. We target 25 total positions, with a standard deviation of 5. Our top 10 positions will consistently account for around half of our portfolio. We sometimes build individual positions with more than one security (for example, we might own a stock itself and call options on the stock), though we view this as one position, not two for the purposes of our 25 position target. When we develop a broader thesis worthy of conviction, we will target a portion of our portfolio towards that thesis, but divide the allocation amongst several separate and distinct securities.

Portfolio Construction

Research

Too many advisors claim there is One Key, or One Secret, that allows them to buy stocks just as they are ready to go up. Simplicity is appealing, but we’ve found that magic and investment don’t mix. We think the Key to identifying investment opportunities lies in robust, well-rounded analysis, balanced across a variety of metrics.

Frequently Asked Questions

What does it mean to be a Fiduciary?

As a fiduciary, we are legally bound to act solely in the interests of our clients. In finance, the fiduciary standard is the single highest standard of care in an asset manager/client relationship. We take this obligation very seriously, and to that end, we have built our business purposely in a structure that is maximally beneficial to our clients.

As a Fee-Only financial advisor we are only paid by the fee that our clients pay us. This means we don’t receive any commissions or referral fees for recommendations of financial products or services we give to our clients. By working with an advisor who is Fee-Only you know for sure that you will be receiving objective financial advice. Someone who is Fee-Based may work for a fee but also has the ability to receive commissions, it’s difficult for you to be sure how much you are really paying for advice with a Fee-Based or commissioned based financial advisor. RIA stands for Registered Investment Advisor, as a registered financial advisor with New York, New Jersey, and Connecticut, we have a fiduciary obligation to put our clients’ interests above our own. A financial advisor who is not an RIA is working more like a stock broker and is considered a registered representative of a larger firm and does not have a fiduciary obligation to put the clients’ interests first.

All assets are custodied at our third-party broker clients. We use TD Ameritrade Institutional as our management platform, because TD Ameritrade has an outstanding balance sheet and low transaction costs. Your account is in your name, with your own login access, we simply build the strategy and execute on it for you. At no point do assets ever end up within our custody.

We are a “fee-only” advisor which means we get paid a fixed percentage of the assets under management in your account. We do not sell a single product and do not engage in any commission-based business. Clients may pay brokerage transaction fees for certain equity securities, which are charged by TD Ameritrade. Combined with our very low turnover (we make as few transactions as possible on an annualized basis), these transaction fees have little impact over the long-run.

We pride ourselves on being available to our client’s needs. Communication is immensely important and everyone is free to speak with the Advisor making the actual decisions on your accounts.

Each of the RGA partners invest in the very same securities that our clients do, based on the same principles.

All investment research is done in-house at RGA. We diligently inspect each potential investment to determine whether its risk/reward profile fits our clients’ needs.

Your investments are held with our third party custodian, TD Ameritrade. We never custody any of your investments. As your fiduciary, we can only execute trades in your account and bill for our services. We never have the ability to withdraw your investments. You will receive two sets of statements: one from TD and one from us.

TD Ameritrade, our custodian, is a member of the Securities Investor Protection Corporation (SIPC). The assets you have with TD Ameritrade are insured by the SIPC up to $500,000 for each separate account, including up to $100,000 in cash. TD Ameritrade is 45% owned by Toronto Dominion Bank one of the few AAA rated banks in the world. Unlike most of the other large brokerage firms, TD Ameritrade did not take any TARP money from the government in 2008/2009.

Investment fees and other expenses are no longer deductible per ‘Miscellaneous Deductions Subject to the 2% AGI Limit” in IRS Publication 529 (December 2019).

Investment Commentary

February 6, 2024

Good Things Come in Threes: Small Caps, Life Science and International Equities   At the end of 2023, the stark…

November 17, 2023

The second quarter began with fears surrounding the soundness of our banking system and ended with considerable optimism about the…

May 25, 2023

The first quarter of 2023 was marked by a partial recovery of 2022s losses, though the path to recovery was…

Jason Gilbert

Managing Partner, President

About Jason Gilbert

Jason has been managing money for high net worth individuals since 2006. He held investment and advisory roles at both General Atlantic LLC (GA), a leading global private equity firm providing capital for growth companies driven by information technology or intellectual property, as well as Berkery, Noyes & Co. (BNC), an independent Wall Street investment bank serving the broadly defined knowledge and information marketplace. At GA, Jason was responsible for deal prospecting, transaction structuring, as well as value added portfolio work. At BNC he specialized in serving large and mid-sized information providers in the U.S. and international markets with strategic mergers & acquisitions, corporate and asset divestitures, strategic research, and valuations. Prior to Wall Street, he led the due diligence efforts for numerous financial buyers within KPMGs Transaction Services practice, and provided estate planning tax consulting services at the law firm of Buchanan Ingersoll, PC in Washington, DC. Jason is a CPA who holds the PFS designation for his expertise in Personal Finance, a CFF for his accreditation in Financial Forensics, and a charter in global management accounting (CGMA). He holds a B.A. from the University of Michigan and an M.S. in Accounting and Finance from the George Washington University School of Business.

Jason lives with his wife, Julianna, sons, Logan and Henry, and daughter, Sophie in Great Neck, New York. Jason enjoys scuba diving, cooking for his family, and of course, investing in great businesses.

Elliot Turner

Managing Partner, CIO

About Elliot Turner

Prior to joining RGA, Elliot was a Principal and Managing Director at AustinWeston Asset Management LLC, a value-driven investment management firm, where he specialized in discovering and analyzing long-term investment opportunities and strategic portfolio management. His professional asset management career began as a Proprietary Equities Trader at Chimera Securities, LLC, where he developed his own unique trading strategy, integrating both fundamental and technical analysis. Mr. Turner then joined T3 Capital Management, LLC to continue his trading career on T3’s Equities Desk and to develop the T3Live Blog. From T3, Elliot joined the Wall St. Cheat Sheet, a financial media website specializing in news and analysis on events in the investment and entrepreneurship space. As Managing Editor at the Wall St. Cheat Sheet, he authored numerous columns on investment ideas and philosophies, macroeconomic policies, and trends in technology and innovation. His works and opinions have been published on Yahoo! Finance, TheStreet.com, Marketwatch, Business Insider, and Seeking Alpha. While still at the Wall St. Cheat Sheet, Elliot rejoined Chimera Securities, LLC to manage the firm’s first long/short investment portfolio. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.

Elliot lives with his wife Emily and daughters Samantha and Jillian in Stamford, Connecticut. He likes skiing, hiking and finding cheap stocks, all off the beaten path.

Ari Lazar

Research Analyst

About Ari Lazar

Ari comes to us from Lincoln International in Chicago where he worked as an Analyst in the firm’s Valuation and Opinions Group. In his previous role, Ari provided valuation coverage for the investment bank’s clients across a variety of industries and in doing so, developed a robust set of industry knowledge and equity analysis skills. Ari has a deep rooted intellectual curiosity and a passion for investing. He graduated from the University of Illinois at Urbana-Champaign with a Bachelor of Science in Finance.

Ari lives is Stamford, Connecticut. He is a competitive gymnast and can be found at the Chelsea Piers working out on the Pommel Horse.

Krystle Ellis

Controller

About Krystle Ellis

Krystle has worked in the accounting industry for over 8 years. She loves cloud-based accounting because of the technology that can be implemented into day-to-day tasks/workflows, and she thrives when creating scalable, tech-forward, financial solutions. She lives in Florida with her husband and three young daughters. When Krystle’s not working, she enjoy’s spending time with her family and friends by visiting a local beach or a good local restaurant.

Liz Blum

Liz Blum

Executive Assistant

About Liz Blum

Liz is a Kansas native with a diverse range of expertise and perspective. She was educated at the University of Arkansas, where she earned a BS in Hospitality Management. Spanning the Financial and Real Estate sectors, Liz has been a dynamic force in Business Operations and Human Resources, wielding her expertise to effectuate pivotal change. Her professional trajectory has sculpted a diverse skill set encompassing the intricacies of daily business operations, adept recruitment strategies, seamless onboarding processes, and employee management. With a penchant for process reinvention and a flair for executive management, Liz brings an extensive background that speaks to her organizational prowess and keen attention to detail. Thriving in high-energy, fast-paced environments, Liz defines what it means to be outgoing, empathetic, and ambitious.