Investment Philosophy
In-depth Research | Expert Analysis | Exceptional Customer Service
A better way to invest.
A better way to invest.
At Mraz and Associates, we use in-depth research and expert analysis to identify investment opportunities for our clients, and we invest alongside them in those very same companies. Our investment criteria are specific, our standards are high and our view is long-term. This approach ensures that our interests align with our clients’ and that we are comfortable with our investments regardless of market fluctuations.
Instead, we preform in-depth research and analysis of our investments, and endeavor to deliver open and honest communication and exceptional customer service.
There's no transaction-based sales pressure at Mraz and Associates, no off-the-shelf products, and no fads or gimmicks. Instead, we perform in-depth research and analysis of our investments, and deliver open and honest communication and exceptional customer service. All of us at Mraz and Associates believe this approach gives our clients a better opportunity to succeed, and we strive to demonstrate that every day to every client.
Instead, we preform in-depth research and analysis of our investments, and endeavor to deliver open and honest communication and exceptional customer service.
There's no transaction-based sales pressure at Mraz and Associates, no off-the-shelf products, and no fads or gimmicks. Instead, we perform in-depth research and analysis of our investments, and deliver open and honest communication and exceptional customer service. All of us at Mraz and Associates believe this approach gives our clients a better opportunity to succeed, and we strive to demonstrate that every day to every client.
Strong Businesses, Good People, Deeply Discounted Prices
We invest in strong businesses that are understandable, financially sound, competitively positioned, and have ample free cash flow that may grow over time. These businesses are run by people whom we believe are trustworthy and honorable, highly skilled operators and capital allocators, focused on building value, and have incentives aligned with their shareholders. We look for deeply discounted securities which are selling for less than their appraised value (based on the present value of free cash flow), net asset value, and/or comparable business sales.
Long-term Investors
We seek to take advantage of short-term market emotions. We are long-term owners, not traders or speculators, and invest for the long-term based on objective intrinsic values. By focusing on the long run, we strive to avoid losses caused by irrational panics and fear.
High Conviction, High Concentration Investing
We construct our portfolios with our 15-20 best investment ideas. Concentrating allows for adequate diversification while providing the best opportunities to maximize returns and minimize the loss of principal.
Exceptional Research
Rather than outsourcing security selection and portfolio management to outside managers, Mraz and Associates rigorously analyzes prospective investment opportunities utilizing Benjamin Graham’s time-tested vetting process.
Alignment of Interests
We buy companies whose management shares in the same risk as outside shareholders. 100% of all securities purchased for clients are also owned personally by David and Gloria Mraz and Mraz and Associates employees. Mraz and Associates management fees are tied solely to our clients’ assets under management—we do not receive commissions or any other financial incentives to recommend financial products.