Bristlecone Value Partners, LLC

Why Bristlecone?

The firm you invest with becomes your partner in achieving your financial goals. Things to consider:

Highest Professional Standards

• Priorities – We are fiduciaries in managing client assets. Simply put, that means client interests come first. Learn more about the fiduciary standard.

  What separates investment advisers regulated under the Advisers Act of 1940 (like Bristlecone) from brokers (registered representatives of brokerage firms) is the fiduciary standard—the very same standard that applies to trustees.
  
  Bottom line – there is a higher level of ethical responsibility for investment advisors than for brokers. Brokers typically need only to find investments that are “suitable,” whereas registered investment advisers are required to be diligent in pursuing the client’s best interests. This distinction is significant: an investment could be suitable but not necessarily in the client's best interest. Bristlecone is proud to uphold the higher standard.

• Ethics – Each principal of Bristlecone holds the CFA charter and every employee abides by the CFA Code of Ethics in addition to Bristlecone's own policy. Click here to learn more.
   
• Co-Investment – Bristlecone's partners, employees, and their families have a significant proportion of their household net worth invested alongside our clients.
   
• Candid Communication – We are committed to regular, candid communications about our investment decisions and your financial situation. See our monthly digest and quarterly commentary archives for examples, or contact us to meet with us in person.
   

Independent, Thoughtful Advice

Investing successfully often requires going against the grain, so our investment management decisions are driven by independent thinking and original research. As an employee-owned firm, with no affiliation to any broker, we are wholly committed to your investment success.

Value Delivered

We expect to earn a reasonable fee for your business and are confident of the value we deliver. At the same time, we also strive to minimize your overall costs so that more of your money goes to meet your investment goals.

• Bristlecone is a fee-only advisor. That means we don’t earn commissions, sales loads, or any type of fee other than the advisory fee you agree to on your investment management agreement.
   
• Our low level of turnover limits brokerage commission fees and can limit taxable gains.

Experienced Team

Bristlecone’s team of professionals—with exceptional training, long-term investment experience, and diverse perspectives—is uniquely equipped to meet your investment challenges.

David Fleer, CFA David Fleer, CFA – Portfolio Manager & Founder David started his career in investment management in 1996. Prior to founding Bristlecone in 2004, David was a Senior Vice President and US equities portfolio manager/analyst at Oppenheimer Investment Advisers. David earned a Bachelor of Arts degree in history from Amherst College (Amherst, MA) and a Master of Arts degree in art history from Williams College (Williamstown, MA).		Jean-Luc Nouzille, CFA Jean-Luc Nouzille, CFA – Portfolio Manager & Founder Jean-Luc started his career in investment management in 1987. Prior to founding Bristlecone in 2004, Jean-Luc was a Senior Vice President and an international and US equities portfolio manager/analyst at Oppenheimer Investment Advisers. Previously, he was an Associate with JP Morgan where he was trading foreign exchange products. Jean-Luc earned a Bachelor of Arts degree in political sciences from l'Institut d'Etudes Politiques d'Aix-en-Provence, a Bachelor of Arts degree in economics from l'Universite des Sciences Economiques d'Aix-Marseille III and an MBA in finance from l'Institut d'Administration des Entreprises d'Aix-en-Provence.		Josh Graybill, CFA Josh Graybill, CFA – Analyst Josh started his career in investment management in 2000. Before joining Bristlecone in 2004, he worked as an Investment Counselor for Fisher Investments in Woodside, CA. Josh attended the University of California at Berkeley, where he earned a Bachelor of Arts degree in History.