WELCOME TO SHORELINE CAPITAL
Shoreline Capital is an investment management firm founded in 2001. We specialize in managing the portfolios of high net worth individuals. Shoreline has achieved superior long-term performance by buying the common stocks of financially sound, well-run companies at a significant discount to their intrinsic value.
Our goal is to maximize asset appreciation for retirement while reducing risk. We believe in total transparency. Our clients should know what they own, why they own it, and have round-the-clock access to any and all account information.
PHILOSOPHY
At Shoreline, we believe intrinsic business value is the eventual prime determinant of stock prices. We don’t focus on near-term earnings or near-term stock price movements, rather we separate those factors we believe have a transitory impact on stock prices from those that are enduring. For each stock we buy, we assess the company’s long term business fundamentals, and purchase shares at a fraction of underlying business value.
STRATEGY
We invest primarily in common stocks, as we believe that over the long run, a portfolio of well-run, undervalued companies in enduring businesses will outperform other asset classes.
By investing in well-managed, free-cash generators with comprehensible and abiding business models and strong balance sheets, we believe we can both increase our future investment performance and reduce our risk.
We do not use any financial products such as alternative investments, hedging instruments, mutual funds, ETFs, etc. for three reasons. First, while these products are SOLD to investors for a variety of reasons, they are CREATED for one reason only… to make money for the issuer. The value these products provide over the long run is generally negligible, while the cost is generally significant. Second, transparency is always an issue with financial products. We prefer to know what we are buying and we prefer our clients to know as well. And third, these financial products cost money. If we, like many investment managers, buy alternative investments, you would pay twice – our fee and the financial product fee. We feel if you are paying for our expertise, we shouldn’t charge you for someone else’s in addition.
We believe that patient investors, willing to take a long-term view, achieve the best results.
Our holding period averages about five years, but can extend to ten years or longer. In our opinion, this approach not only makes sound investment sense, but has the added benefit of minimizing taxes and transactions costs.
We typically hold from 15 to 20 stocks at a time. While we think this provides us with enough diversification, we acknowledge that in the near term, this can lead to slightly greater volatility than a typical mutual fund which holds 100 stocks. We believe that this marginally higher volatility is outweighed by the benefit of having our portfolios limited to our very best ideas. In addition, concentrated portfolios means our favorite stocks will always have a meaningful impact on performance.
Meet Bill Goldenberg
Bill Goldenberg founded Shoreline Capital in 2001. Prior to founding the company, Bill spent six years at The Boston Company Asset Management as a portfolio manager, equity policy committee member and director of research. Previously, he spent five years at Morgan Stanley as an equity research analyst, and four years at Value Line Options and Convertibles as a portfolio manager and research analyst.
Bill holds an M.B.A. in Finance from Columbia University and a B.A. in Mathematical Economics from Colgate University.