We believe there is no substitute for insightful, original research. An understanding of the dynamics of the financial markets coupled with detailed, company-specific knowledge is the foundation for superior returns. Shaker Investments was established in 1991 with a clear investment mandate: to manage equity portfolios representing primarily small and mid-cap companies whose attributes favor exceptional, long-term investment performance. Three attributes in particular are essential. Every company we select has to represent an industry experiencing rapid secular or cyclical growth. The company must possess superior characteristics across a broad range of managerial, operational, product and marketing criteria. And, its stock has to be available at an attractive valuation. We believe that this approach will enable us to achieve consistently competitive investment performance over time. Research of this quality and magnitude requires people with high-level analytical skills and strong backgrounds in finance. Since inception, Shaker Investments has focused on assembling a skilled team of research analysts. For a firm of our size, we possess an unusually talented team of individuals with extensive industry-focused expertise and advanced academic degrees.