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Beacon Rock Research Investment Philosophy
In order to make full and appropriate use of information available and opinions contained within the Beacon Rock Research website it is essential to harmonize with the Beacon Rock Research Investment Philosophy.
The information contained within the Beacon Rock Research website includes corporate presentations, live price charts, and our research analysis and opinions. Where possible the sources are orchestrated to allow visitors the greatest latitude to improve understanding in order to make the best use of information provided.
We believe markets are reasonably efficient/inefficient as they are subject to countless influences that result in mismatches that periodically provide opportunities for above average returns and/or below average risk. This perspective accepts that the market is composed of individual investors with unique investment horizons and abilities or willingness to accept risk. While information or research provided is intended to be reliable and constructive, the investment decision incorporating the investor’s risk profile and return requirements is entirely the responsibility of the user of this information, the investor.
The Beacon Rock Research website is intended to rapidly reduce the necessary time and effort allowing investors to understand companies and properly orient themselves in the context of their own investment requirements. As companies/investments exist within a rapidly changing environment, financial and market data, should generally not be solely relied upon as it may be flawed, taken out of context, or already digested by the market. Previous data or corporate information may be helpful when combined with personal and/or other potentially contrary investment philosophies. This may allow to investors to intuitively establish an orientation and successful develop a personalized investment approach.
Our use of corporate presentations may provide a rich source of information for investors. The presentations provide the corporate information at a point in time as if presented in an institutional road trip format. This provides the audience the opportunity to examine and study corporate presentations in a way not previously possible. The ability to review indexed presentations provides “frictionless” study which we believe is the essence of learning. We believe this may increase the ability for investors to either harmonize with a company’s prospects or to judiciously move on to the next investment with the least amount of time lost. Eventually, we believe this form of connecting and harmonizing with company direction in relation to risk reward will empower investors. This may prove to be a destructive technology reducing investor’s reliance on investor relations, brokers, and analysts.
Research provided on the site is written as simply as possible to increase depth and understanding to the widest possible audience. This allows comprehension of common terms taken for granted. Words are the building blocks to convey meaning of models to understand a particular perspective. The reality that companies/investments exist in a rapidly changing environment places pressure on the language and economic models customarily used to communicate meaning. This pressure increases the likelihood of a series of “mismatches” as words and models become outdated and are endlessly reconstructed. These mismatches erode harmony and trust increasing instability and risk, which if lost are difficult to regain, but may provide opportunity. For this reason it is essential that investors constantly check for understanding and question sources of information.
We abhor the use of the most static commonly held terms in the investment community including Strong Buy, Buy, Hold, and Sell. These common terms surely have different interpretations by individual investors falling short of establishing harmony with investors risk tolerances and investment horizons. While these terms may convey some level meaning, they are mediocre vessels to establish understanding, falling well short of what we believe to be an ethical conveyance of understanding or harmonizing. We attempt to supplement ratings with our assessment or opinion of risk, but this is our best effort to accommodate this fundamentally inadequate, but industry accepted manner, of rating an investment.
Investors who integrate information and opinions into their own investment philosophy with a good deal of critical thinking take ownership of their actions and most often make their own best and appropriate decisions. We attempt to aid in the process of continuous critical thinking which is the essence of learning and survival.
[The Beacon Rock Research philosophy gratefully acknowledges the life’s work of the late Colonel John Boyd.]