As we find ourselves in the 4th quarter of 2014, we want to take a moment to focus this letter on our business. Investment management is not an exact science. Economic and geopolitical factors along with many other considerations contribute to strategy decisions and the investments we make in client portfolios. In a rapidly changing global financial market, it is not possible to predict the future. What is possible is to plan for the unexpected by focusing on liquidity, diversification and the likely outcome of global events.
At Payden & Rygel, investment management is about more than individuals, numbers and performance. Culture matters. While individuals come and go, culture persists. We just celebrated the firm‘s 31st anniversary, retaining the same governance and ownership structure, and the Payden culture remains as vibrant today as when I first sat in my living room trying to decide on a name for the firm.
We attribute our long-term success to our independence, team-oriented approach and practicality. Over the past three decades, we learned that it takes a team and a stable culture to manage money. No single individual will make or break a strategy. We manage your portfolio by questioning assumptions and challenging consensus views, and we have the flexibility to change our minds if necessary.
Having no outside ownership allows us to focus beyond one quarter. We truly have our client’s best interests at heart, as investment management is our sole source of revenue. We stand ready to assist in any way we can, providing suggestions or problem-solving in any aspect of managing your funds. Please don’t ever hesitate to pick up the phone and call the team or me directly if there are any questions.
Fall is in the air – enjoy Autumn!