Bill E. Hazel

EBS seeks to invest in businesses (stocks) that trade at a discount to the firm’s estimate of intrinsic value. The firm search for value in businesses, focuses on the long-term when evaluating businesses and people and think independently of the Wall Street crowd. Equity portfolios are typically diversified across several economic sectors and hold 25 to 35 securities that they believe are attractively priced. EBS may be void or overweight certain sectors. Individual equity positions are generally limited to 5% of the portfolio at initial purchase, and held for three to five years on average. A sell decision can be driven by a security becoming overpriced relative to our estimate of its intrinsic value, a deterioration of the fundamentals or outlook of the business, the position becoming too large in relation to the portfolio, the emergence of a more compelling opportunity or the recognition that their initial investment thesis was flawed.

JCA offers a range of investment styles. The firm has a contractual relationship with an affiliated (by common control and ownership) SEC-registered investment adviser, James Investment Research, Inc. In this contractual relationship, James Investment Research is responsible for JCA’s asset allocation, research, stock and bond selections, and other services. James Investment Research, Inc. develops and tests statistical computer programs, which assists them in analyzing computer data, permitting them to review and monitor large quantities of data and investment opportunities.

Functions as a College/University

Provides operational, analytical and stimulation services