R.G. Associates is a Maryland-registered investment advisor, founded by Jack Ciesielski in 1992. In addition to writing The Analyst’s Accounting Observer, Mr. Ciesielski acts as portfolio manager for R.G. Associates. Key attributes of the management style employed:
- R.G. Associates employs a "bottom-up" value-oriented approach in investing. The investing focus is strictly on stock selection - not predictions of interest rate changes, sector rotations, or guesses about which optimistic views that research firms might be changing.
- Intellectually honest corporate accounting is highly regarded by the Firm. In the Adviser’s opinion, it is the most crucial communication between a firm’s management and its shareholders, and is an important reflection of management's attitude toward shareholders.
- A key aspect of the Firm’s style of value investing is that a long time horizon is employed in an attempt to put time on the side of the investor. The concept of "patient capital" allows rational purchases of a firm’s equity when markets are being irrational.
- The Firm follows a policy of portfolio concentration. It is unlikely that a portfolio would contain more than twenty different companies at any one time. That could still represent a fairly high degree of diversification, depending upon the industries in which the firms operate.
- The Firm stands in the shoes of the client. Mr. Ciesielski invests a significant portion of his own personal funds in the same securities as his clients after giving priority to their transactions.
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Note: The availability of R.G. Associates investment management services outside of Maryland is dependent upon the laws of the state in which you reside.