HCM is committed to a disciplined, value-based investment process which utilizes best practices of both fundamental research and behavioral psychology to create a distinctive investment approach. This approach attempts to exploit equity market inefficiencies created by irrational investor behavior. We invest in stocks where, in our opinion, the present value of the company’s future cash flows exceeds the current market price. We identify these investment opportunities by employing a rigorous, bottom-up investment process that emphasizes internally-generated fundamental research. We believe that the consistent application of this research process has the potential to provide superior long-term risk-adjusted performance.