Stephenson-Kelley Wealth Management, LLC

james (joe) kelley is the managing partner of stephenson-kelley wealth management, llc, an investment fund based in seattle, wa. skwm was created with the goal of beating the market in the long run by investing in companies with significant margins of safety, tremendous economics, and understandable businesses. the fund's investing approach is to avoid the most common mistakes of active managers and focus on fundamental analysis. advantages over other actively managed funds include small assets under management (aum), a concentrated portfolio, and an (un)common-sense approach to valuation. additionally, the manager receives no aum fees, instead opting for a percentage of gross profits above market performance. in terms of valuation style and portfolio management, the fund is similar to charlie munger's partnership that existed in the 1960s and 1970s. his concentrated approach to value investing allowed him to average a return of 19.8% over 14 years compared to the dow's 5.0% by picki