J. V. Bruni and Company      

1528 North Tejon Street

Colorado Springs, Colorado   80907

(719) 575-9880   or     (800) 748-3409

Corporate Headquarters
The Adam Smith Building

"No firm can serve two masters.  We align our interests with those of our clients, and we maintain no other source of revenue."  




What We Do   

Our Philosophy   

Why We're Unique   

Our Clientele     

Book Reviews   


Our Goals   

Economics Education   

Contact Us   




We Provide Personalized Service

We feel that a money manager's first responsibility is to invest the time necessary to help clients understand their financial alternatives and to formulate their unique investment objectives.  Our portfolio manager talks directly with each new client and discusses the relationships between investment risk and potential return, the historical characteristics of financial market behavior and performance, and our current outlook for various types of investments.  We do this in order to inform and educate our clients so that they can better formulate their specific investment objectives.  In addition, we encourage clients to further personalize their objectives by identifying pertinent time frames, withdrawal requirements and tax considerations.  We always respect client requests to avoid specific investments or industries for personal reasons.  In short, we provide the comprehensive personalized service that our clients expect and deserve.  Indeed, from our first day in business, our overriding principle has been that we seek to treat our clients as individuals and as we would like to be treated ourselves.

We Stress Independent Research

In investing, that which everyone knows is seldom worth knowing, because common knowledge is usually built into each investment's current price.  If we listened to the various investment gurus of the moment, read Wall Street opinions all day, and managed our clients' accounts accordingly, we would be relegated, at best, to mediocrity.  In contrast, we focus on our own rigorous research and analysis of economic and investment factors, because we seek to pursue superior investment results.  In order to maintain the independence of our research, we avoid certain common conflicts of interest and potential conflicts of interest, such as the use of 'soft dollar' payments (the use of client commission dollars to pay for certain investment manager expenses), investment banking activities (the managing of securities offerings), market-making (buying and selling securities using one's own inventory) and commission oriented compensation.

We Evaluate Companies and Stocks

The only simple rule in investment analysis is that there are no other simple rules.  In producing our own detailed, rigorous research, we consider a wide variety of economic and financial factors such as:

  • Industry and company growth characteristics

  • Competitive positions and barriers to competition

  • Quality of management

  • Stock price relative to important financial metrics, such as per-share earnings, cash flow, dividends, book value, replacement value, etc.

  • Balance sheet analysis (e.g., liquidity, leverage, nature of assets and liabilities)

  • Income statement analysis (e.g., operating and net profit margins, tax rates, etc.)

  • Flow-of-funds analysis--a detailed review of the company's sources and uses of cash

  • Insider holdings and changes thereto

  • Labor relations

We Employ a "Growth at a Reasonable Price" Style

It is sometimes said that managers who place more emphasis on corporate earnings growth follow a 'growth' style, while those who place more emphasis on a company's existing assets are 'value' managers.  Although this distinction may be popular with many in the press, we feel that a meaningful categorization of money managers isn't this easy.  In practice, not only are there other common investment approaches (e.g., 'contrarian' and 'momentum' styles), but there are considerable practical differences among those managers who emphasize earnings growth and among those who emphasize asset values.  For example, there is a significant investment difference between one growth manager who constructs a portfolio with a dollar-weighted price-to-earnings ratio (p/e) of 20 and another growth manager who fashions a portfolio with a p/e of 40.  J. V. Bruni and Company might appropriately be described as a 'growth at a reasonable price' manager, because while we recognize the importance of long-term growth in corporate earnings, we part company with some growth managers in that we are rarely willing to pay high prices (p/e ratios) for growth.  Simply put, we tend to look for under-recognized companies in order to acquire our growth prospects at attractive prices.  For a more detailed description of our investment style, please read our article, The Three Musketeers: An Introduction to GARP Investing on this website.

We Align Ourselves With Our Clients

No firm can serve two masters.  We align our interests with those of our clients, and we maintain no other source of revenue.  Specifically, we are not compensated in any way by the companies we select for our clients' portfolios.  For supervised accounts, we typically employ a tiered management fee rate, assessed in arrears at the end of each quarter and based on an average of month-end portfolio values.  For a given percentage fee, it follows that our compensation will be larger if supervised portfolios grow, and smaller if they decline.