A process built on

A disciplined methodology.

We fully appreciate the significance and importance of our investment stewardship obligations.  Our hands-on, proactive guidance includes creating and implementing a well-defined process for making informed decisions based on prudent investment practices.  Our process is designed to provide elevated discipline and structure for all aspects of investment management.

Principles of Independent Thought

Milestones fully embraces two prudent investment principles.  One is to be independent thinkers... and more specifically, who base decisions on a macro, non-consensus view which places emphasis on risk management and understanding market signals. The cornerstone of this principle is to first preserve capital, followed by a responsibility to increase capital in excess of the market average over a full market cycle.  We believe the market is driven by macro forces and that knowing how to read market signals and decipher information to determine what is relevant is a critical cornerstone of the process.

Ultimately, we marry this top-down approach with a bottom-up fundamental analysis.  We do not run consensus portfolios, which allows us to establish distinct overweight and underweight positions in the asset classes and their subcategories we deem most or least attractive.  Milestones' goal is to help its clients to outperform the broader market with lower than average volatility.

Principle of Behavioral Finance

Decision making can be an inherently imperfect process.  Oftentimes, we think we are making rational choices based on wisdom or intuition, but, as Nobel Prize winner Daniel Kahneman and his colleague Amos Tversky demonstrated, it is usually based on fundamentally flawed logic caused by intellectual biases.

Kahneman and Tversky used a metaphor of two systems of behavior that drive the thought processes one goes through when making a decision.  Type 1 behavior is automatic and emotional... rapidly intuitive.  Type 2 behavior is much more deliberate and and logical, requiring greater effort.  Kahneman and Tversky asserted that those two systems shape human decision making.

At Milestones, we feel the better approach is to pace decision making by way of methodology and, in so doing, minimize bias and the impacts of emotion.

We believe Type 2 thinking leads to more prudent investment decisions and better outcomes over the long term.  At Milestones, we have embraced the spirit of Kahneman and Tversky's pioneering work in behavioral finance, which is reflected in our investment management process.  By developing disciplined, research- and data-driven methodologies for both growth investing and income investing, we have made deliberate efforts to avoid falling victim to Type 1 decision making.

Milestones' Approach



Portfolio modeling and portfolio-level risk analysis

Conduct risk management analysis and portfolio optimization at each the investment strategy level and client level.  Evaluate risk positioning for each client.

Macroeconomic Research

Economic and financial markets outlook and themes

Analyze the U.S. and global business cycle and financial markets environment, and then establish our overarching view on the economy.

Portfolio Management

Investment strategies implementation and client engagement

Synthesize and apply the analysis of the other areas to set asset allocations according to portfolio definitions, risk directives and client needs.

Asset Class & Sector Analysis

Category scrutiny, selection and monitoring

Source and analyze the most compelling risk-adjusted investments, and provide ongoing risk monitoring for specific categories and sectors.

Milestones Investment Strategies


We believe there is
no substitute for
    independent THINKING.