The Shaker philosophy

'We exploit inefficiencies in the market, systematically, both long and short,' says David Webb of the investment strategy of the notable Shaker Heights Investment Fund.

He says this philosophy centres on distinguishing between companies where growth is sustainable and can accelerate, and companies where things are not likely to improve in the future. Webb says: 'The key is understanding how the management operates public companies and I believe they are either overstating or understating how str