WaterStreet's Investment Beliefs Stand for something or you'll fall for anything. A Deep Understanding. Each family, and members within each family, have unique needs and circumstances. Their previous investment experiences can shape their investment preferences and risk tolerances; investment solutions must be shaped by the family's mission, vision, values and goals. Effective Diversification. Diversification is the only free lunch. We believe in complete open architecture so that clients have access to top tier solutions wherever those solutions may be. We strive to balance the three pillars of investing: capital protection, capital growth and income generation. Client portfolios may comprise traditional and alternative investments. A Global Perspective. We advocate a global asset allocation orientation within the context of our clients' Canadian needs. We will not be limited by conventional thinking. We have a preference for small, undiscovered money managers with a private client rather than institutional focus. Rebalancing is important, and we don't shy away from tactical asset allocation shifts where appropriate expertise can be brought to the table. Risk-Adjusted After-Tax Returns. We believe that absolute returns matter most, although we are mindful of a money manager's relative performance. We also believe that significant value can be added when taxes on a portfolio are reduced - known as adding "tax alpha" - and that we ought to employ innovative ways to achieve tax alpha. Rigorous Analysis. We believe in a multi-manager approach to portfolio construction, and an appropriate mix between active and passive management depending on the opportunity to add value in a given market, net of fees/costs, taxes and inflation. We believe that no manager can excel in all asset classes and therefore rigorous analysis must be undertaken to identify the top managers for a given mandate.