Investment Philosophy

"All the time and effort that people devote to picking the right fund, the hot hand, the great manager, have in most cases led to no advantage."
- Peter Lynch


Flat Fee Portfolios offers an evidence-based investment approach based on the belief that equity markets are largely efficient. While we believe inefficiencies can occur under the efficient market hypothesis, these inefficiencies can be difficult to identify, hard to exploit profitably, and can disappear quickly. Over time, the vast majority of actively-managed mutual funds cannot add value in excess of their costs.  

The evidence-based investing approach may be right for you if:

  • You believe markets are generally efficient or you believe inefficiencies are hard to find and exploit profitably.
  • You do not believe an active mutual fund can add consistent value or you do not believe it is possible to distinguish luck from skill in conventional mutual fund management.
  • You wish to minimize costs.
  • You seek tax-efficiency.

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We provide ongoing monitoring of our portfolios as part of the investment management process. While generally passive in nature, we do make changes to the overall allocation as needed and balance our portfolios periodically throughout the year.