As a value manager, Patriot seeks commons stock investments in companies of good quality at prices substantially below out estimate of their real worth. We are imaginative investors whom preservation of capital is paramount. Our process for estimating real value relies on our substantial research skills. Indeed, Patriot devotes virtually all of its resources to basic research. We have extensive knowledge valuation techniques; however, use of such models is the exception to the rule. In most cases,
we prefer a more pragmatic approach in which we apply an appropriate price-earnings ratio to our estimate of future earnings. All value estimates are defined within a
range and modified by our judgment and experience
David Van Duyn
President
Patriot Mullare Associates, Inc.
99 Derby Street, Suite 200
Hingham, MA 02043
Tel: 781-740-1000
Fax: 781-556-1085