The Baltimore Business Journal featured Tufton, and explained our vision of rebranding the company for a new era. Click here to read the article.
The Baltimore Sun featured Tufton, and briefly explaining our vision for the rebrand. Click here to read the article.
Effective February 23, Hardesty will being operating as Tufton Capital Management, LLC
Hunt Valley-based Hardesty Capital Management has rebranded and officially changed their company name to Tufton Capital Management effective immediately. The independently owned investment advisory firm is one of the largest in the region with nearly $1 billion dollars in assets for individual clients and institutions.
The firm previously known as Hardesty was founded in Baltimore, Maryland in 1995 by Jim Hardesty and Randy McMenamin. The namesake of the company, Jim Hardesty, retired from the firm in April of 2015 and passed away the following month. In explaining the name change, Chad Meyer, President of the firm remarked “The Hardesty name will always connote trust, financial acumen and a deep devotion to our clients. We feel strongly, however, that the contributions of all of our employees, and not just those of our co-founder, be reflected in our corporate name. While Jim Hardesty’s legacy and invaluable contribution to our organization will live on, we believe that a new name will best represent our entire firm as we move forward.”
The Tufton Capital Management name was selected after a thorough evaluative review and was ultimately voted on unanimously by the entire firm. The offices of Tufton Capital, a 13 person firm, overlook the beautiful Tufton Valley of northern Baltimore County. The company will celebrate their 21st anniversary this year.
Tufton Capital Management is an independently owned wealth management and investment advisory firm located in Hunt Valley, Maryland with nearly $1 billion in assets for individual clients and institutions. The 13-person firm, founded in 1995, provides a value-oriented investment approach to high net worth individuals, families and institutions.
Hunt Valley, MD – Hardesty Capital Management announced the retirement of company cofounder James D. Hardesty, CFA, effective April 15, 2015. Hardesty’s decision to retire will end an extraordinary 45-year career in the investment management industry.
Mr. Hardesty served as Chairman of the Board, Market Strategist and Chief Economist. He cofounded Hardesty Capital in 1995 with V. Randolph McMenamin, CFA, Managing Director and Vice President of Hardesty Capital Management. After retiring, Mr. Hardesty now serves as Chairman Emeritus of Hardesty Capital, and he continues to serve in a consulting role mentoring young staff members.
Mr. Hardesty held numerous leadership positions in the industry prior to Hardesty Capital, including Chief Investment Ofﬁcer and Executive Vice President at Mercantile Safe Deposit and Trust Company. Under his leadership at Hardesty Capital, assets under management have grown to just under one billion dollars.
In addition to his business activities, Jim sits on a number of industry and non-proﬁt boards. He currently serves as Vice Chairman of the Board for the Harford Mutual Insurance Company. Previously, he was Trustee of LINC (Learning Independence Through Computers) as well as the Board of Family & Children’s Services of (more…)
A local investment-management firm quite literally followed the money and moved from Baltimore City to Hunt Valley.
By Rick Seltzer, The Baltimore Business Journal Sep 16, 2014, 7:27am EDT
Stay the course. That’s what Baltimore-area money managers are telling their clients in the wake of the stock market’s 5 percent slide this year.
By Gary Haber, The Baltimore Business Journal Feb 6, 2014, 2:47pm EST
As we begin the New Year, Maryland investors find themselves in a bit of a quandary: where to invest in 2014. There do not appear to be any clear options. The consensus view on Wall Street is that interest rates will move higher. If correct, that would mean their more safe investments, bonds, are headed for another difficult year. Stocks are up significantly since the financial crisis and appear fully valued. Perhaps the year will not be kind to stocks either. Cash is yielding nothing and unless the Fed has a drastic change of heart, that is not expected to change. So, what’s an investor to do in this environment?
The bond market is probably not the answer as we are most likely headed for another difficult year. The Quantitative Easing program should end in 2014 and the Fed may begin to seriously contemplate increasing the Fed Funds rate. The mere threat of tapering the QE program in 2013 caused a violent reaction as the yield on the 10-year Treasury spiked from 2% in June to 3% in September. The 10-year Treasury began 2013 yielding 1.76%. An upward bias to yields of most maturities longer than 2 years persisted throughout 2013 and many pundits suggest 2014 will likely be no different. Investors are not used to losing money in their bond investments. (more…)
If you want to know something about the history of the Baltimore investment community, you might want to call James Hardesty.
The 67-year-old history buff and chairman of Hardesty Capital Management has spent his career in Baltimore, starting with a job in the mail room of Alex. Brown & Sons and later as an executive at the old Mercantile Safe Deposit & Trust Co. Both Baltimore companies eventually were acquired.
He founded his own investment firm in Baltimore in 1995. Today, it manages $800 million in assets, with a goal of reaching $1 billion within two years. To help achieve that, the firm recently hired a new president.
Hardesty recently discussed the stock market, challenges for his firm and an old classmate who is a former U.S. president.
After buying a Timonium court reporting company and a Towson spice maker, Chad Meyer is returning to his business roots — the world of high finance.
By Gary Haber, The Baltimore Business Journal Dec 3, 2013, 2:19pm EST
Several times a month I am asked where I think the stock market will be in six months or a year. The question implies that I am some sort of stock market astrologer, and that would be very scary. I just reply “I have no idea.” In the short term, I doubt that anybody has much of an idea where the stock market will go. But over the last 75 years, the market has provided an average total return of 9.4% compounded annually, comprised of 5.4% price appreciation and 4.0% dividend yield.
But the market direction question is really trying to ask is how do you time the market: when do you sell out and when do you buy in? This strategy of market timing is fraught with risk and can be very dangerous. The timing of the market requires two critical decisions: when to get out and, more importantly, when to get back in. The second decision, when to reenter the market, is really the hard part. (more…)
For the first time in my life, I am being asked when I plan to retire. It seems like only yesterday, when as a ten or twelve year old, I would sit in church on Sunday mornings thinking I would never finish my education, let alone turn sixty-five, then considered a normal retirement age. Now I am sixty-seven and advising clients on retirement planning.
Sooner or later, almost every retired client of our firm; a young sixty something or the very old; the moderately wealthy or the very rich; the big livers or thrifty old ladies, all ask the same question: “Will I run out of money in my lifetime?” I have come to the conclusion that no matter how wealthy you are, you will know you are old when you think you might run out of money. (more…)
‘Uncertainty fatigue’ has set in among investors
By Eileen Ambrose, The Baltimore Sun October 13, 2013
Not too long ago someone asked me what kind of an investor I was. I was tempted to make a joke of the question and answer simply, “A good one.” But then I thought of one of my old professors at Columbia Business School, Benjamin Graham, and I realized the depth of the question.
Graham lived from 1894 to 1976, wrote extensively, and was widely accepted as one of the most influential investment minds of all-time. He was credited with educating many investment luminaries including Warren Buffet, former Goldman Sachs partner Leon Cooperman, Mario Gabelli of the Gabelli Asset Management and, of course, me! (more…)