1. Every investment decision with which Pennine Financial Planning is faced should be made based on the evidence available, academic theory and common sense, with the goal of increasing the chances of success; this is investing, not speculating.

2. Setting the appropriate asset allocation for a client, given their lifetime goals and future cash flow needs, is the major contributor to investment success.

3. The investment solution should represent a robust diversified portfolio, functionally, geographically and mathematically split between multiple assets classes, that seeks to mitigate the long-term effects of inflation.

4. Making material but not overpowering allocations to capture the value premium and to a lesser extent the small company premium will be made in the UK, international developed and emerging markets.

5. Avoiding credit risk in portfolios and holding longer-duration bonds for growth- orientated investors provides the best diversification potential. For more conservative investors the role of shorter- term bonds and Index Linked Gilts will play a larger role.

6. Holding this strategy over time, re balancing regularly back to the original mix, and ensuring that emotions do not precipitate wealth destroying ‘buy-high, sell-low’ behaviour is critical.

7. The highest chance of a successful outcome lies in implementation using passive (index) strategies over active management. Pennine Financial Planning does not try and time markets or select securities, nor does it try and choose managers to do so. This approach significantly improves the predictability of portfolio characteristics, over time, for its clients and ensures that the bulk of market returns on offer are captured by them.

8. A proactive focus on costs in all elements of decision- making and implementation will provide substantial benefit to its clients, over time.