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Investment Philosophy

As a value manager, Patriot Mullare seeks common stock investments in companies of good quality at prices substantially below our estimate of their real worth. We are imaginative investors for whom preservation of capital is paramount.

Our Process

Our process for estimating real value relies on our substantial research skills. Indeed, Patriot Mullare Associates devotes virtually all of its resources to basic research. We have extensive knowledge of valuation techniques; however, the use of such models is the exception to the rule. In most cases, we prefer a more pragmatic approach, in which we apply an appropriate price-earnings ratio to our estimate of future earnings.

All value estimates are defined within a range and modified by our judgment and experience. Our value estimates also serve as automatic sell signals.

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What We Like

  • Simple Product Lines

  • Low Debt

  • High Return on Equity

  • Solid Track Records

  • Experienced Managers Who Are Major Stockholders

  • Low Price-to-Earnings Ratios

  • Dividends

What We Don't Like

  • High Debt

  • Conglomerates

  • Esoteric Technology

  • Acquisitions

  • Wall Street Gimmicks

  • New Issues

  • High Price to Earnings Ratios