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"Investing Via Cash Flow" - Martin Sass Interview with Forbes

The full article can be found at Forbes.

Past performance is not indicative of future results. M.D. Sass does not guarantee any minimum level of investment performance or the success of the M.D. Sass Relative Value Equity strategy, and investors may incur losses. M.D. Sass does not provide tax or legal advice, or determine an investor’s investment objectives, risk tolerance, or suitability. The net return for the Relative Value Equity strategy described in the above linked article reflects a composite return and includes changes in securities prices and re-investment of capital gains and dividends, if any; the net return is calculated gross of custodian fees and net of transaction costs and management fees by using a tiered fee schedule for the periods starting with 1/1/2004 and returns prior to 1/1/2004 are calculated using a 1.00% fee based on a minimum $10 million investment.

The M.D. Sass fair valuations of various companies cited in the article are based on subjective estimates and assumptions of M.D. Sass at the time of the article; accordingly, such fair valuations do not represent actual market prices and should not be interpreted as an indication of actual market prices. No representation or warranty is made as to the reasonableness of the estimates and assumptions made in calculating such fair valuations or that the share prices of the companies cited in the article will ever achieve such fair valuations. There are frequently material differences between any subjective fair valuations determined by M.D. Sass and actual market prices. In addition, the companies cited in the article are only illustrative examples of the securities that have been purchased pursuant to the Relative Value Equity strategy and, accordingly, do not represent the entire investment portfolio for the Relative Value Equity strategy and may change at any time.

The S&P 500 Index is a capitalization weighted index that measures the performance of those companies that Standard and Poor’s has selected for inclusion. The S&P 500 Index is unmanaged and may not be invested in directly.

Martin D. Sass and Ari Sass directly or indirectly own shares of Activision Blizzard, Axis Capital Holdings, Baxter International, Chicago Bridge & Iron, Corning, Halliburton and Reinsurance Group of America.