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.

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Index Returns

Passive investing (Index Funds) not only beats active by a wide margin, it is generally more cost efficient as well..

The more decisions that a portfolio manager brings to the investment process, the greater is the risk of their making a mistake

Succesful investors acknowledge their limitations and once they’ve identified companies with good potential, will sit back and let the future evolve in the way that it will.

Simple and Efficient Portfolio Management.

If you can identify those companies that objectively have the best prospects for predictable long-term growth, you’re done. Buy them, hold them and let their management do their jobs .

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.”

“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.”

“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.”

“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.”

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

“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.”

“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.”

April 2018

January 2018
October 2017
July 2017
April 2017
January 2017

October 2016

July 2016

April 2016

January 2016

Sandpiper Capital

Senior Manager of 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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(757) 679-9781

inquiries@sandpiper-capital.com

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Sandpiper Capital

Unlike transaction oriented financial services offered by banks, brokers, and insurance companies, we are fee-only Registered Financial Advisors, and are required by law to always act only in your best interest.
Our mission is to dependably deliver effective portfolio management at low cost to non-profits and individuals who have made risk control a priority.

999 Waterside Dr. Suite 2525
Norfolk VA 23510
Phone: (757) 679-9781
Email: inquiries@sandpiper-capital.com