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Michael I. Schwartzman, President
ValueSearch Capital Management, LLC
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Welcome to ValueSearch Capital Management
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I founded ValueSearch Capital Management (VCM) 20 years ago. Its investment principles and rules of conduct with prospects, clients, service providers, and regulators reflect my personal principles to a great degree. By studying the documents on this website, you will learn about VCM’s investment framework, our past investment returns, and the investment manager who will manage your money.
And in your search for an investment manager, nothing will be more important than establishing your trust in the manager, and relying on this trust when events in the market or the economy happen too fast for your own thoughtful reflection.
VCM manages separately managed accounts of its clients. The principal difference between the accounts is in the use of debt: some are leveraged to the extent the client desires and VCM approves, and some accounts are not leveraged. These accounts are invested for the long term in a small number of exceptionally well-run public companies and in cash, and our clients find it easy to understand VCM’s well thought-out and intuitively clear investment framework. This framework was developed by VCM, and it has been used successfully for more than 20 years.
We will be up-front with you on this website, and we will disclose our past returns and investment decisions, including our mistakes. The website will allow you to study our investment framework, our regulatory framework, and the principles that govern our relationship with our clients.
We want you to use the same approach in choosing your investment manager that we use when choosing the companies in which we invest. We observe them for a long time, we study their past results, and we try to understand their relationship with their shareholders. Most importantly, we get to know their management – we invest only in companies which are run by excellent and trustworthy managers.
If you become our client, you will benefit from what you see on this website: an honest discussion of our decisions, returns, and strategic moves. We will treat you as a true partner, and we expect you to put some effort into understanding your investment manager who will manage your money. Take your time and get to know us. Our website is an excellent tool for this, but you must be willing to put some time into this effort.
During the next crisis of the stock market, your thorough study of our past decisions, our past letters to our clients, and our past returns, will allow you to understand our decisions. That’s when your homework in studying your investment manager will pay-off, the same way our homework pays off when studying the companies we invest in. Doing our homework allows us to make profitable decisions when many market participants base their decisions on emotions or shallow knowledge, quickly obtained during the crisis.
VCM’s website will allow you to make intelligent decisions related to choosing and monitoring your money manager. Use it well.
With warm regards,
Michael I. Schwartzman, President
ValueSearch Capital Management, LLC
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Next Step: Using This Website
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If you wish to study VCM and its investment returns in depth, a good start would be the Performance Overview page and the Profile of the Accounts document. However, access to these sections, except their summaries, requires access privileges.
You and the VCM Website further describes how this website will assist you in learning about VCM.
How to Access This Site will help you understand the access procedures and the restrictions on access to this website.
If you wish to become a client of VCM, proceed to How to Become a Client. You will be in good hands.
Our Registered Investment Advisor registration is in the process of being updated and re-filed with the relevant regulatory authorities. Please see Terms of Use for further description of VCM registration status.
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