TFMS is a Registered Investment Advisor that specializes in providing income that can grow in a reflationary environment. TFMS takes a long term and fundamentally based quantitative view of investments rooted in methods of discounted cash flow analysis originated by Nobel Prize winners Franco Modigliani and Merton Miller. Our principals were early collaborators with the late Charles Callard, a renowned statistician who prepared the earliest database which made possible a practical application of the Miller-Modigliani methodology to listed securities. Perhaps the most pressing problem facing investors today is that of finding income when bond rates are low and prices are actually falling. Our focus on cash flow leads us to a diversified portfolio of pass-through securities which have high income that can actually increase as the economy grows and inflation returns. Pass through securities broadly speaking are entities that pass virtually all of their profits to their shareholders. TFMS seeks not to be all things to all investors, but rather to serve those who demand and appreciate an advisor focused on implementing long term, rigorous fundamentals in both its investment style and business practices.