To help grow our clients’ wealth over time by investing in companies with strong cash flow, consistent earnings, and management committed to creating shareholder value. Companies with these characteristics tend to have the ability to reinvest in their business, acquire other businesses, buy back company stock or provide shareholders with a cash dividend. Dividends are a direct source of income and historically have been an important component of a stock’s total return. Even more compelling are companies that choose to reward shareholders by regularly increasing their dividend payments. These businesses are generally less sensitive to downward swings in the economy and can help provide a hedge against inflation. Most importantly, we believe that if a company can consistently raise dividends, capital appreciation will follow. The core of our clients’ portfolios is built on this principle .