We believe that markets are efficient and that over time, riskier assets provide a higher expected return. We design sophisticated, passive portfolios with an emphasis toward small companies and value companies, which have historically paid long term return premiums. Since we expect the equity portion of a portfolio to provide growth, we use high quality, short term bonds for portfolio stability. Finally, we enhance after-tax returns with proactive tax management because we realize that you can only spend after-tax investment returns.