First Houston Capital is a fee-only, registered investment advisor to high net worth individuals, their retirement plans, foundations, and others who seek professional asset management. We manage portfolios consisting only of stocks and bonds. At First Houston Capital we take a value-oriented investment approach, sometimes referred to as “growth at a reasonable price.” We seek to own proven, profitable and predictable companies. We like companies that pay cash dividends or have the capacity to do so. We own businesses that have barriers to entry against competitors and hold a sizable market share in their products. We do not invest in companies with highly cyclical past performances. We also do not speculate in futures, real estate or “concept” stocks. We consider selling stocks when they are over-priced, when they fail to meet our objectives or when the position becomes larger than 5% of a portfolio. Otherwise, our favorite holding period is forever. Registration as an investment advisor does not imply a certain level of skill or training.