Aerie Capital Management

Aerie Capital Management Aerie Capital Management is an independent, fee-only registered investment advisor. In addition, we provide financial planning services. This is for good reason.

We provide professional portfolio management services to individuals, families, businesses, foundations and IRAs. We offer access to experts in life insurance, disability insurance, estate planning and accounting. Our investing philosophy is based upon the principles of Benjamin Graham, author of Security Analysis and The Intelligent Investor and the father of modern security analysis. Graham’s id

ea was to calculate the intrinsic value of a firm – either its fair value to someone buying the entire business or the hidden value of the firm’s assets or the total present value of the firm’s cash flows. This process of determining a firm’s value is more closely related to evaluating the creditworthiness of the firm. We are as concerned with the return of our capital as we are with the return on our capital. We are “bottoms up” investors. We are more concerned with the value of individual companies. We screen for stocks using strict criteria such as low price-to-book ratio, low price-to-sales ratio, positive free cash flow, low price-to-cash flow ratio, low debt levels and/or a small market capitalization. We calculate the intrinsic value of the firms on our screened list. We analyze the balance sheet, income statement and, most importantly, cash flows of the firms. After determining a firm’s intrinsic value, we buy only when there is what Benjamin Graham called a “margin of safety.” For Aerie Capital clients, we need at least a 35% discount to intrinsic value. For example, if we calculate a company is worth $10 per share, the maximum we would pay is $6.50 per share. We are value investors, but we don’t shun growth. We love to buy stocks of companies that are growing. We just won’t give up our margin of safety to do so. We maintain a strict sell discipline. We sell for one of two reasons – the stock approaches or exceeds our calculated intrinsic value or the reason behind our purchase changes.

New article posted. Enjoy!
03/09/2019

New article posted. Enjoy!

​I started out to write a blog earlier this week about the Federal Reserve and their balance sheet and discovered that I was spending way too much time trying to explain myself rather than just...

New blog posted on the web site. It's a copy of our most recent quarterly letter. Please feel free to check it out her...
01/15/2019

New blog posted on the web site. It's a copy of our most recent quarterly letter. Please feel free to check it out here:

The last quarter was one of extreme volatility. In fact, the fourth quarter had more days where the market moved 1.5% or more since….2011. Yeah, I don’t remember what exactly happened back...

10/13/2012

You can now read our latest letter to our clients.

There’s an old saw on Wall Street that markets climb a wall of worry and this past quarter proves it to be true. This seemed to be the ruling thought for this past quarter. Just to refresh your memory, over the past three months, we saw more unrest in the Middle East which caused oil to spike from...

09/30/2012
04/23/2011

Spent an off day for the markets creating a FB page for my business. I'm viewing this as a great opportunity to help educate, inform, discuss, network and, yes, advertise a little. As an aside, I have recently uploaded my most recent writings (aka client quarterly letter) to our web site, under "Blog".

Address

Baltimore, MD
21206

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+14108648746

Website

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