Discipline with a margin-of-safety
Case Investment Management builds and manages investment portfolios for individuals and families. Founded in 2002, Case Investment Management, LLC is an independent registered investment advisory firm. The principal of the firm is Philip Case, CPA.

DUE DILIGENCE
Unlike many investment advisors, Case Investment Management does not subscribe to valuation or research services. The data provided by these services is generic and incomplete. As a CPA, I read a company’s 10-K’s, 10-Q’s, and 8-K’s to identify the financial instruments and transactions that distort a company’s reported earnings and then adjust reported earnings accordingly to arrive at the cash earnings of the business. Cash earnings drive the determination of a company’s normal earning power. Normal earning power drives the determination of a company’s intrinsic value.

As an investor, I’m always “buying the business.” A margin-of-safety is achieved when a company’s stock is acquired at a price that is less than the intrinsic value of the business.

DIRECT ACCOUNTABILITY
Case Investment Management does not purchase mutual funds. Mutual funds provide a built-in excuse for failure because no one is directly accountable; if a fund performs poorly, the advisor can blame the managers of the mutual fund. Furthermore, mutual funds do not incorporate a margin-of-safety because they are theme funds.

The best performance occurs when an individual providing a service is directly accountable to the client for whom that service is performed. Case Investment Management is directly accountable to you.