Don’t let unavoidable risks keep you out of the market

Control the ones you can and returns become much more predictable.

Most of the risk to an investment portfolio comes from

The Investor

Human error, impatience and arrogance explain most of the gap between actual realized returns and that of a passive stock index. Active managers who try to predict future events are routinely wrong and those that are randomly right, can’t do it again. Any claims to the contrary should be considered marketing hype.

Low Risk Portfolios

By limiting stock investments to only those S&P 500 companies that have 1) the most attractive profit margins and 2) a long track record of highly predictable cash flows, we set the stage for the best likelihood that future portfolio returns will also be predictable.

Pre-determined Risk Levels

Each client’s account is mapped for future cash needs and invested in Treasury bonds that mature when the cash is needed. Only dollars in excess of that need are invested in stocks.

We Work to Minimize Your Expenses

We have recommended that you use Schwab Institutional to custody your account and to execute our orders. We take advantage of the commission-free trading and limit turnover by holding stocks for the long run. Your investment advisory and custodial expenses are spelled out in their respective agreements and while varying with account size, fall between .30% and .50% per year.


Higher turnover brings lower returns.

Buy & Hold Beats Active Management You just need patience.

The longer the holding period the greater the outperformance.

“Gleanings”

Sandpiper Capital’s Quarterly Economic and Market Commentary

April 2025

“Stepping back and letting good companies do what they do best while allowing them time to succeed sure seems better than worrying about the markets.”

January 2025

“Celebrity managers who made magazine covers and had feature articles about their past performance have seen their flagship funds get trounced as their future performance came to pass.”

October 2024

“Managing money is a constant exercise in humility. Recent market history, like many other periods before it, has proved vexingly difficult to anticipate and to plan for.”

July 2024

“If history is precedent, then the 15% per year that the S&P composite made for the ten years ending 2021 might well be followed by a -1% for the period ending in 2031.”

April 2024

“Currently the market is up while sales growth is down. That worries me.”

January 2024

“The conclusion of researchers is that simple rules applied diligently will outperform expert judgement routinely and they have a lot of evidence to back that up.”

October 2023

“It will take some time to get the results that the Fed wants, but inevitably we are headed for even lower spending growth and interest rates.”

July-2023

April 2023

January 2023

October 2022

July 2022

April 2022

January 2022

January 2009 (reprint)

July 2021

April 2021

January 2021

October 2020

July 2020

April 2020

January 2020

October 2019

July 2019

April 2019

January 2019

October 2018

July 2018

April 2018

January 2018
October 2017
July 2017
April 2017
January 2017

October 2016

July 2016

April 2016

January 2016

October 2015

July 2015

April 2015

January 2015

October 2014

April 2014

January 2014

October 2013

July 2013

April 2013

January 2013

October 2012

July 2012

April 2012

January 2012

October 2011

July 2011

April 2011

January 2011

October 2010

July 2010

April 2010

January 2010

October 2009

April 2009

January 2009

 

 

 

 

 

 

 

 

Sandpiper Capital

Senior Manager of Sandpiper Capital.

Thomas Lukic Senior Portfolio Manager Sandpiper Capital

Thomas Lukic – Senior Portfolio Manager, CFA

 

Thomas Lukic Biography

Founding partner and managing member, Tom is a Chartered Financial Analyst as well as a Portfolio Manager. He has had primary investment responsibility for assets totaling in excess of $500 million for individuals, non-profits, and corporations.

Beginning his career with A.G. Edwards, he served as an outside advisor to a Virginia Bank Trust Department, a VP with the Asset Management division of a regional bank and as a partner in a regional independent Investment Advisory firm. His community activities have included serving in various volunteer capacities over the last two decades with United Way Of South Hampton Roads, most recently as 2012 Board Chair; serving as a founding member of Amnesty International’s Hampton Roads chapter; judging and coaching local elementary school children in annual Odyssey of the Mind competitions and providing stock market games and creativity coaching to elementary school classes.

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