Ragen Stienke

When we buy a stock we write down exactly why we own it, which we should be able to lay out in three or four sentences. To the extent those assumptions are no longer valid, we'll sell regardless of how cheap it gets. We're fighting the natural tendency to come up with new reasons to [...]

Ragen Stienke

A major risk-management step in our research process is a peer review within our research groups. After an analyst works up an idea he or she presents it to the others in the group, who evaluate and challenge all the downside and upside assumptions being made. While they may not know the specific industry or [...]

Ragen Stienke

Our portfolio managers are also analysts, with all coverage responsibility segmented by industry, up and down the market-cap spectrum. There's leverage in bringing what you already know to an incremental new idea. If I'm looking at a small-cap software firm, I should have a good sense of the competitive environment, for example, including what Microsoft, [...]