Registered Investment Advisors (RIA) 

based in Sausalito CA.

WE DELIVER BESPOKE INVESTMENT STRATEGIES TO OUR CLIENTS, IN LINE WITH THEIR RISK PROFILE AND GOALS.

AS  A RIA WE HAVE A MANDATORY FIDUCIARY DUTY OF CARE.

WE ARE STRICTLY VALUE INVESTMENT BASED, NEVER SPECULATIVE.

WE HAVE A LONG VIEW APPROACH ON INVESTMENTS.

WE STRIVE TO BEAT MARKET RETURNS.


"Rule number one in investing. Never lose money.  

Rule number two: refer to rule number one." 

Warren Buffett

"It is not difficult to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps' .

Benjamin Graham

MARGIN OF SAFETY

"Confronted with a challenge to distill the secret of a sound investment into three words we venture in the motto of  Margin Of Safety"

"if you have formed a conclusion from the facts and if you know your judgement is sound,  act on it - even though others might hesitate or differ. (You are neither right or wrong because the crowd disagrees with you. You are right because your data and reasoning are right.) 

Benjamin Graham

Fundamental value analysis 

"We are mainly equity investors. No matter what we focus on assets with intrinsic yield, the ones that have an inherent cash flow, such as stocks and bonds. We are not interested in barren assets with no utility. You can speculate with those, never invest. Like Buffett and Graham said, stocks are a slice of a business. By buying it you own what business delivers in terms of returns to you.  Bear in mind we focus on the intrinsic value of the business.  We don't care about the price to which the stock is traded on the stock market, but in two occasion. When we buy it. Then we want to buy at a price inferior to intrinsic value AND having enough margin to be safe over the long run. Exception to this is when that business is so great that fair price is ok to enter no matter what. And,  of course, we care  if and when we sell it."

Paolo Bernardi

"Time is your friend.  Impulse is your enemy." 

John "Jack" Bogle

"The line I draw in the sand is that if an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependent on what a future buyer might pay, then it's an investment." 

Seth Klarman 

"We have passion for keeping things simple".

"I believe in the discipline of mastering the best that other people have figure it out. I don't believe in just sitting there abd trying to dream it up all yourself. Nobody's that smart!"

Charlie Munger

"Investing is often described as the process of laying out money now in the expectation of receiving more money in the future... More succinctly, is forgoing consumption now in order to have the ability to consume more at later date."

Warren Buffet 

“Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real world, you uncover an opportunity, and then you compare other opportunities with that. And you only invest in the most attractive opportunities. That's your opportunity cost. That's what you learn in freshman economics. The game hasn't changed at all. That's why Modern Portfolio Theory is so asinine.” 

Charlie Munger 

Paolo Bernardi PhD

Paolo Bernardi is a Series 65 Registered Investment Advisor.

He has a long career as a business analyst and entrepreneur.

Born in Italy, he received a Doctor of Business Administration (DBA PhD) from the prestigious Ca Foscari University in Venice, Italy, in 1991 with a dissertation on social interest in multinational groups.  His dissertation touched, back then! , critical aspects of today' ESG and Impact Investing.  He assisted teaching advanced business financial analysis and international corporate law classes at the University.

He then was  drafted by the Italian Army in the 66Rgt - Forza Intervento Rapido - Rapid Force (similar to US Rangers), where he served in various deployment fields.  From that experience he honed his skills of discipline and risk evaluation.

He came back to the business world working for an Italian Group supervising operations of their  Societe' De Participation Financière in Luxembourg.  After running this business for three years,  he took a sabbatical purchasing a farm in Tuscany and consulting businesses.  

His curiosity led him to venture into new markets.  He explored the Russian opportunities of the early 2000's  and developed business operations on imports to the United States, where he eventually settled.

Paolo's approach follows the teachings of Benjamin Graham, Warren Buffett, Charlie Munger, Seth Klarman to name some of those who have influenced him.

He is very inquisitive and analytical to the core. Given his long experience and mastery of several accounting and legal systems, he is able to spot incongruencies and opportunities arising in businesses and underlying macro conditions.

He continuously perfects an analytical model that has proven to be reliable in finding opportunities and or threats.  When he finds enough "margin of safety" he acts upon it.

He also likes to seize opportunities that might arise when markets are looking to become unstable and prone to "black" or "grey swans" creating an upside protection in moments of crisis to his clients.

Paolo is a member of AOPA, West Valley Flying Club and the CFA Society of San Francisco (he is not a CFA himself though).  

He lives in Sausalito with his wife and his pets.

Paolo Bernardi Advisor RIA CRD #319237  

IARD https://adviserinfo.sec.gov/firm/summary/319237 

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