the thornton wealth management investment philosophy
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8/9/2019 The Thornton Wealth Management Investment Philosophy
http://slidepdf.com/reader/full/the-thornton-wealth-management-investment-philosophy 1/3
U I C J V D O C \ I O C X G V C J K C M C E I K I M V
G M Q I _ V K I M V X D G J N _ N X D W
GMQI_VKIMV XDGJN_NXDW ‟ ONMV\NJ UDCV G_ ONMV\NJJCLJI
,Wny dcqi mn onmv|nj nqi| udcv vdi nvdi| eyw fnis- Wny nmjw dcqi onmv|nj nqi| udcv wny fn-‛ + C- B- @gvv
Vdi gmqivkimv xdgjnnxdw na Uicjvdoc|i Ocxgvcj Kcmceikimv g lcif nm vdi aymfckimvcj
x|ikgi vdcv vdi ocxgvcj kc|`iv c|i onmvgmynyjw ymoi|vcgm cmf vdcv ny| bnl c kcmcei| na uicjvd
g vn kcmcei vdni vdgme udgod ui ocm onmv|nj- Ga nmi cooixv vdi mnvgnm vdcv vdi ocxgvcj kc|`iv
c|i ymoi|vcgm* cmf cjucw c|i* nmi na ny| x|gkc|w vc` g vn onmv|nj vdi cknymv na ocxgvcj kc|`iv
ymoi|vcgmvw vdcv g x|yfimv vn cooixv an| icod ojgimv‗ agmcmogcj og|oykvcmoi cmf vdi iaaiov na vdcv
ymoi|vcgmvw nm vdi aymfgme vcvy na icod ojgimv‗ ymgsyi agmcmogcj miif cmf encj- Myki|ny
vyfgi3* dgvn|gocj fcvc
<cmf onkknm imi* vijj y vdcv vdi x|gkc|w f|gqi| na ymoi|vcgmvw g vdi
cknymv na c xn|vanjgn vdcv g cjjnocvif vn |g`w civ* jg`i isygvgi- Vdg `iw fioggnm0 dnu kyod na
c xn|vanjgn g x|yfimv vn cjjnocvi vn vdi |g` na vdi isygvw kc|`iv0 dnyjf mnv li vc`im jgedvjw cmfdnyjf li lcif nm vdi x|ikgi vdcv miifji |g` dnyjf li cqngfif-
Cqngfgme Miifjiss \gs`s
Ui lijgiqi kcmw gm ny| gmfyv|w cxx|ncod vdi fioggnm na itxny|i vn isygvw civ cjjnocvgnm a|nk
cm g||cvgnmcj xi|xiovgqi vdcv ylbiov gmqivn| vn miifji gmqivkimv |g`- Gm acov* gv g sygvi
onkknm vdcv vdg `iw fioggnm g fivi|kgmif lw gfimvgawgme vdi gmqivn|‗ vnji|cmoi an| gmqivkimv
|g`* cmf x|noiifgme vn xngvgnm vdi ojgimv gm c xn|vanjgn figemif vn itxi|gimoi vdcv |g` $gm
onkxjivi fg|iec|f na udivdi| vdi agmcmogcj encj onyjf dcqi |cvgnmcj onmagfimoi na ligme
itoiifif ugvd ji |g`'# Vdg kc`i mn imi- Ga vdi ojgimv‗ agmcmogcj miif* encj cmf x|gn|gvgi
ocm dcqi |cvgnmcj onmagfimoi na ligme itoiifif ugvd c xn|vanjgn cjjnocvgnm vdcv dc ji |g` vdcm udcv g ‚vnji|clji‛* udw unyjf cmwnmi ylbiov vdikijqi vn dgedi| |g` ki|ijw liocyi vdiw ocm
vnji|cvi vdcv xcgm> Gm‗v |g` nkivdgme ui dnyjf cqngf ga ui ocm> _dnyjfm‗v vdi fioggnm li lcif
mnv nm vdi |g` vdcv g vnji|clji lyv gmvicf lcif nm dnu kyod |g` ocm li cqngfif cmf vgjj dcqi
|cvgnmcj onmagfimoi na itoiifgme vdi agmcmogcj encj> Vdg g ny| cxx|ncod cmf vdy kcmw na ny|
ojgimv dcqi xn|vanjgn cjjnocvgnm ugvd ji isygvw itxny|i vdcm udcv vdiw ocm vnji|cvi-
Vdg xdgjnnxdw kicm vdcv lnvd vdi gmgvgcj civ cjjnocvgnm xnjgow $c uijj c cmw nmengme
cfbyvkimv vdcv kcw li miifif' g kcfi a|nk c xi|xiovgqi na jgkgvgme itxny|i vn isygvgi vn vdi
kgmgkyk cknymv miifif vn dcqi |cvgnmcj onmagfimoi na itoiifgme vdi ojgimv‗ encj* cmf mn
kn|i- Gv cjn kicm vdcv ui fn mnv cvvikxv kc|`iv vgkgme fioggnm- Ny| xdgjnnxdw g vdcv vdi
kc|`iv c|i cjucw ymoi|vcgm* udgod kicm ui c|i cjucw itxiovgme vdi ymitxiovif- Udgji nvdi|
kcmcei| cvvikxv vn onmv|nj |g` lw gmo|icgme cmf fio|icgme kc|`iv itxny|i lcif nm an|iocv*
3 _vyfgis lw L|gmsnm* Dnnf cmf Liilnui| fiknmsv|cvif vdcv 78) n| kn|i na vdi qc|gcmoi gm gmqisvkimv |ivy|ms gs
itxjcgmif ki|ijw lw vdi itxnsy|i vn svno`s* lnmfs cmf ocsd- _ii Fivi|kgmcmvs na Xn|vanjgn Xi|an|kcmoi*
Byjw.Cyeysv 3741 Agmcmogcj Cmcjwsvs Bny|mcj cmf Bcmyc|w.Ail|yc|w 3779-
dvvx2..uuu-oacxyls-n|e.fng.xfa.38-<617.acb-q93-m3-3417< Vdi un|sv 3< knmvd fiojgmi a|nk 37<1 vd|nyed <884 an| c xn|vanjgn na 388) svno`s ucs 17-85)- An| gmvi|kifgcvi
enqi|mkimv lnmfs gv ucs 4-73)- An| c xn|vanjgn cjjnocvif ?8) vn svno`s* 38) ocsd cmf 18) gmvi|kifgcvi
enqi|mkimv lnmfs* gv ucs 37-51)- _ny|oi2 Agmcmoiuc|i-onk lcsif nm O\_X fcvc-
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188 Icsv Kcgm _v|iiv* _ygvi 3<68* \godknmf* QC <?<37 x 486-166-6533 a 486-166-6597 uuu-uicjvdoc|iocxgvcj- onk
8/9/2019 The Thornton Wealth Management Investment Philosophy
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U I C J V D O C \ I O C X G V C J K C M C E I K I M V
‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡--------------------------------
qcjycvgnm knfij* ionmnkgo n| viodmgocj cmcjwg* nmi kyv cfkgv vdcv |iec|fji na dnu jnme na c
v|co` |ion|f nmi dc na yod knfij ‚un|`gme‛0 gv g cjn onmvgmynyjw gmv|nfyogme c |g` vdcv vdi
knfij kcw li u|nme cv nki xngmv gm vdi ayvy|i- Vdg kyv gmo|ici ymoi|vcgmvw $cmf vdy |g`'
cmf gv ocm icgjw li cqngfif lw mnv |g`gme nqi| n| ymfi| uigedvgme isygvgi |ijcvgqi vn vdi cjjnocvgnm
xnjgow udgod g vdi kcgm f|gqi| na vdi qc|gcmoi gm xn|vanjgn |ivy|m-
_ioy|gvw _ijiovgnm
Nmoi vdi cxx|nx|gcvi civ cjjnocvgnm xnjgow g fivi|kgmif* vdi ioy|gvgi vn li yif vn ayjagjj vdi
cjjnocvgnm c|i cjn ijiovif nm vdi lcg na udcv ui ocm onmv|nj- Itximi c|i onmv|njjclji n ui
yi itv|ikijw jnu onv cmf fgqi|gagif gmfit kyvycj aymf n| kn|i jgsygf cmf vct iaagogimv
itodcmei v|cfif aymf fiximfgme nm vdi og|oykvcmoi na vdi ojgimv- V|cfgme onv ocm cjn li
onmv|njjif* lnvd a|nk c xi|xiovgqi na vdi covycj qgglji onv na v|cfi c uijj c vdi dgffim onv
ugvdgm aymf na onkkggnm cmf lgf.c` x|icf mnv fgojnif gm vdi x|nxiovy-
An| knv ojgimv* ui ocm kcgmvcgm vdi cjjnocvgnm uigedvgme ugvdgm c |icnmcljw vgedv vnji|cmoi na
vdi gmqivkimv xnjgow cjjnocvgnm ugvd mn kn|i vdcm gt vn igedv v|cfi c wic|* iqim an| ojgimv vdcv
dcqi kyjvgxji coonymv n| c|i kc`gme onmv|glyvgnm vn n| vc`gme fgv|glyvgnm a|nk vdig| xn|vanjgn-
Vdg kicm ui ocm onmagfimvjw xjcm nm cqi|cegme ji vdcm 38) cmmycj vy|mnqi| udgod gemgagocmvjw
jnui| v|cfgme onv an| cjj na ny| ojgimv* cmf an| vdni ugvd vctclji xn|vanjgn dc vdi cffif limiagv
na dcqgme knv ocxgvcj ecgm |icjgrif cv acqn|clji jnme vi|k ocxgvcj ecgm |cvi- An| ojgimv ugvd
kyjvgxji coonymv ugvd qc|wgme vct vcvyi* ui kcmcei vdi civ cjjnocvgnm co|n vdi e|nyx na
coonymv cmf nxvgkgri vct jnocvgnm iaagogimow $vct acqn|if coonymv |ioigqgme knv na vdi agtif
gmonki cjjnocvgnm vn fiai| n|fgmc|w gmonki vcti cmf c kcbn|gvw na vdi isygvw cjjnocvgnm |igfgme gm
vctclji coonymv an| acqn|clji jnme vi|k ocxgvcj ecgm cmf sycjgagif fgqgfimf v|icvkimv'-
Ay|vdi| o|gvi|gc an| vdi ijiovgnm na aymf gmojyfi iqcjycvgnm na vdi dgvn|gocj v|co`gme i||n| |ijcvgqi
vn vdi gmfit* vdi civ cmf jgsygfgvw na vdi aymf* cmf dnu iaagogimvjw vdi aymf v|cfi gm vdi kc|`iv
$lgf.c` x|icf'- Aymf kyv cjn kiiv vdi v|gov o|gvi|gc na ny| x|nx|givw AYMFE\C +FI_
cmcjwg- Icod knmvd ui cmcjwri nqi| <8*888 aymf cmf cgem e|cfi vn agqi agfyogc|w o|gvi|gc
gmojyfgme fgqi|gagocvgnm* itximi* |g`* |ivy|m cmf vdi |g` na kcvi|gcj ymfi|xi|an|kcmoi- Ymjg`i
nvdi| e|cfgme wvik vdcv cyvnkcvgocjjw jcx agqi vc| nm vdi vnx 38) na cjj aymf lcif nmjw nm
dgvn|gocj |g` cfbyvif |ivy|m $udgod g mnv cm gmfgocvgnm na ayvy|i |iyjv'* ny| wvik cgem
e|cfi nm icod na vdi gmfgqgfycj agqi agfyogc|w o|gvi|gc vdcv onklgmi gmvn cm nqi|cjj e|cfi- Vdi
vdgme vdcv c|i onmv|njjclji c|i2 fgqi|gagocvgnm* itximi cmf vdi |g` na kcvi|gcj
ymfi|xi|an|kcmoi cmf cjj aymf yif ic|m dnmn| |njj e|cfi an| vdii o|gvi|gc $mn|kcjjw ji vdcm
3) na cjj aymf kiiv vdii o|gvi|gc'- Vdg vwxgocjjw ic|m vdi aymf cm nqi|cjj dnmn| |njj e|cfi udgod
mn|kcjjw |ix|iimv ji vdcm ?) na cjj aymf-
Agmcjjw* nvdi| |g` vdcv c|i onmv|njjclji c|i cqngfif lw gkxjw mnv ygme ioy|gvgi vdcv gmv|nfyoivdii |g`- Oy||imow |g` g cqngfif lw jgkgvgme itxny|i vn an|igem ioy|gvgi vn mn kn|i vdcm 39)
na cmw xn|vanjgn* cmf an| knv ojgimv an|igem itxny|i g jgkgvif vn 9+38)- Ui fn vdg liocyi ui
co`mnujifei vdcv cv vgkis an|igem ioy|gvgi kcw dcqi yxi|gn| |ivy|m cmf ocm xnvimvgcjjw naai| c
fgqi|gagocvgnm limiagv* lyv cv vgki na o|gg $jg`i <884 an| itckxji n| vdi \ygcm oy||imow o|gg
vdcv l|nyedv fnum Jnme Vi|k Ocxgvcj Kcmceikimv'* itoigqi liv nm an|igem ioy|gvgi ocm dcqi
fiqcvcvgme iaaiov- An| itckxji* byv nmi wic| na ymfi|xi|an|kcmoi jg`i <884 an| iki|egme kc|`iv
‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡GM QI _V KI MV XD GJ N_ NX DW <887 § Uicjvdoc|i Ocxgvcj Kcmceikimv
Cjj \gedvs \isi|qif
XCEI <
8/9/2019 The Thornton Wealth Management Investment Philosophy
http://slidepdf.com/reader/full/the-thornton-wealth-management-investment-philosophy 3/3
U I C J V D O C \ I O C X G V C J K C M C E I K I M V
‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡--------------------------------
‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡‡GM QI _V KI MV XD GJ N_ NX DW <887 § Uicjvdoc|i Ocxgvcj Kcmceikimv
Cjj \gedvs \isi|qif
XCEI ?
isygvgi |isyg|i c fiocfi na nyvxi|an|kgme lw mic|jw <-9) byv vn kc`i yx an| vdi |ijcvgqi jn vn
fnkivgo isygvgi-
Onymvi|xc|vw |g` g cqngfif cmf kgmgkgrif lw ijgkgmcvgme itodcmei v|cfif mnvi $IVM' a|nk
onmgfi|cvgnm- Ui cjn ugjj mnv yi cmw aymf vdcv yi jiqi|cei n| dn|vgme c vdii v|cviegi
gmo|ici vdi ymoi|vcgmvw ui c|i onmv|njjgme lw vdi nqi|cjj cjjnocvgnm xnjgow an| ny| ojgimv- O|ifgv |g` g xc|v na onymvi| xc|vw |g` vdcv g liv onmv|njjif lw numgme aymf vdcv c|i jgkgvif vn Y_
V|icy|w ioy|gvgi* n| aymf vdcv num yod ioy|gvgi- Ui eimi|cjjw ?ugjj mnv num on|xn|cvi lnmf
n| ceimogi* dged wgijf lnmf* n| kn|vecei cmf ugjj eimi|cjjw cqngf numgme kymgogxcj lnmf
ymji c xn|vgnm na c vctclji xn|vanjgn |isyg|i c agtif gmonki cjjnocvgnm vdcv ocmmnv li ayjagjjif lw
Y_ V|icy|gi gm vct cfqcmvceif coonymv- Vdg cxx|ncod co`mnujifei vdcv dgedi| wgijf ocm li
itxiovif c o|ifgv |g` gmo|ici* wiv vdi xy|xni na agtif gmonki gm c xn|vanjgn g vn onmv|nj vdi
nqi|cjj |g` na vdi xn|vanjgn- Gm c wic| jg`i <884* udi|i dged wgijf lnmf ymfi|xi|an|kif vdi
cee|iecvi lnmf gmfit $fnkgmcvif lw CCC |cvif lnmf' lw ?<-9)* cmf ny| x|iai||if v|icy|w IVA
$GIA' lw 6<-9)* nmi unyjf miif vn nyvxi|an|k lw ?-9+6-9) c wic| vn kc`i yx an| vdi nmi wic| na
ymfi|xi|an|kcmoi- Ui vdgm` vdg g c |g` vdcv g cjucw x|iimv cmf g un|vd cqngfgme-
Vdi |g` na kcvi|gcj ymfi|xi|an|kcmoi g onmv|njjclji lw ny| yi na l|ncfjw fgqi|gagif gmfit
aymf- Vdg |g` g mn|kcjjw gemn|if lw gmqivkimv kcmcei| vdcv cvvikxv vn nyvxi|an|k gmfit
limodkc|` lyv udim gv onki vn uicjvd kcmceikimv gv g c |g` vdcv g liv cqngfif* cmf ocm dcqi
mic| oi|vcgmvw na ligme cqngfif lw fgjgeimv gmfitgme- An| itckxji* iqim ga cm covgqi kcmceikimv
cxx|ncod ocm nqi|onki vdi cffgvgnmcj kcmceikimv aii* onkkggnm* v|cfgme x|icf* vy|mnqi|
cmf xnvimvgcjjw vcti cmf nyvxi|an|k vdi gmqivkimv xnjgow iqi|w gmeji wic| an| c fiocfi lw 3) c
wic| miv na aii* gv g xnglji vdcv byv nmi wic| na ymfi|xi|an|kgme lw nmjw ?-<) kcw imf yx
x|nfyogme ji uicjvd-6
Cmw covgqi cxx|ncod ugjj onmvgmynyjw gmv|nfyoi vdg |g` vdcv ocm li
cqngfif* cmf udgji kcmw kcmcei| vcj` clnyv knmgvn|gme vdi xi|an|kcmoi* lw vdi vgki wny
fgonqi| vdi ymfi|xi|an|kcmoi nooy||if gv g vnn jcvi vn agt-
Gm ykkc|w* ui uigedv ny| fioggnm lcif nm udcv gm `mnuclji cmf mic| oi|vcgm cmf vdykcmcei vdii onmv|njjclji vdgme* cmf knfij onmvgmyny ymoi|vcgmvw an| vdni vdgme vdcv c|i mnv
`mnuclji n| c|i ymoi|vcgm-
¨
?Fyi vn vdi jgkgvcvgnms na vdi cqcgjclgjgvw na xy|i Y_ Enqi|mkimv aymfs* yx vn 1) na snki |ivg|ikimv xjcm coonymvs
kcw yvgjgri c kyvycj aymf vdcv dcs c xn|vgnm na vdi gmqisvkimvs gm gmqisvkimv e|cfi on|xn|cvi lnmfs-6
_ii Ugmmgme lw Mnv Jnsgme cv2 dvvx2..uuu-agmcmoiuc|i-onk.dnkixcei-csx>sdnusmgxxiv;cikc|odgqi