Bannerstone's Thales ("thay-leez") strategy is a best ideas, all-capitalization capital appreciation approach. We bring all our skills and experience to bear on this long term growth strategy. Typically up to 25 positions, this portfolio may own equity or debt, may hedge or establish short sales and may trade frequently. Mr. Robillard and Mr. Larson are the portfolio managers and typically about half the positions come from each respectively. Thales is a highly flexible, dynamic strategy with optimal long term capital appreciation as its investment objective. Performance data are available upon request.


Bannerstone's Alloy strategy is an all-capitalization, quantitative equity growth strategy. Alloy is predicated on long term observations made regarding the correlations  between key market sectors and the individual components of these sectors, and our conclusions about their future relationship. As the name implies, the investment characteristics of the portfolio are the net result of specific combinations of assets, which we believe lowers volatility, provides both systematic and non-systematic risk reduction and grows capital over time. Tax efficiency is considered, but secondarily. Long term capital appreciation, net of taxes, is Alloy's investment objective.  Mr. Robillard has primary responsibility for the portfolio. Performance data available upon request.

Dividend Income Growth

The extremely low nominal interest rates in the fixed income market make a compelling case for considering equities as a source of income for investors. Mr. Larson has primary portfolio responsibilities. The investment objective for Dividend Income Growth is to provide, over time,  a growing income stream from dividends, which are generated form by issuers deemed likely to increase dividends in the future. Performance data available upon request.

Foundation Growth

Bannerstone's Foundation Growth is a large capitalization, low turnover, long term growth strategy.  The investment objective is long term total return (appreciation combined with some dividend income) through higher quality, generally larger companies, held for longer periods of time.  Tax efficiency is a consideration. Mr. Hust is the portfolio manager.  Performance data available upon request.





Why Call it Thales?

Thales may be the earliest recorded top-down investor. According to Aristotle in Politics, Thales of Miletus once cornered the market in olive-oil presses, allowing him to continue to teach, rather than labor:

"Thales, so the story goes, because of his poverty was taunted with the uselessness of philosophy; but from his knowledge of astronomy he had observed while it was still winter that there was going to be a large crop of olives, so he raised a small sum of money and paid round deposits for the whole of the olive-presses in Miletus and Chios, which he hired at a low rent as nobody was running him up; and when the season arrived, there was a sudden demand for a number of presses at the same time, and by letting them out on what terms he liked he realized a large sum of money, so proving it is easy for philosophers to be rich if they choose."