Jolley Asset Management, now a Live Oak Private Wealth company, is a disciplined value investor. By its very definition, value stocks are always out of favor. Stocks are priced in the short term by investors’ perceptions and the emotions of fear and greed. It is when these perceptions are wrong that stocks can become undervalued or overvalued. 


The “value investor” will attempt to take advantage of these gaps or differences between a company’s market value and its estimated intrinsic value. In our view, buying what is popular has never worked on Wall Street. We believe that as a contrarian value manager, this approach can uncover buying opportunities. Depending on the current environment, an investor should be willing to swim against the tide, even if it means foregoing short-term performance.

Value investing is not a simple philosophy to practice. Many who attempt or claim to be value-oriented fail to maintain the discipline or patience required to succeed. 

Assets Under Management- $255 million (3/31/20)

View JAM's Top Holdings

(as of 3/31/20)

Read more on JAM's Philosophy.

Check out our #WeBelieve core values.

However, it is that very discipline and patience that enables the value investor to avoid getting caught up in speculative bubbles, even during periods of short term under performance. That is precisely why Jolley Asset Management was formed, to provide a vehicle whereby our focus and discipline could be preserved. 

Jolley Asset Management became a Live Oak Private Wealth company on April 1, 2020. For more information visit: https://liveoakprivatewealth.com/live-oak-private-wealth-acquires-jolley-asset-management/.




"Because it's never different this time."


Dot.com Bubble


Terry Sapp, CFA Joins

FALL 2005

Looming Financial Crisis


Housing and Financial Crisis

JULY 2007

AUM Surpasses $100M

FALL 2016

William Collier, & Jan Robillard Join


Adopts Unofficial Tagline

"Because it's never different this time."

MAY 2018

Stephen Bishop, Jr. and office expansion


JAM believes that values can occur in different types of companies and we focus our research on valuation parameters rather than hypothetical market capitalization categories. Portfolios will tend to be comprised of approximately 30-35 holdings, across various industries, sectors and market capitalization ranges. Under a value approach, portfolio companies will typically have low price/earnings, price/sales, or price/book value ratios.


JAM believes that buying common stocks is no different than buying a piece of a business, and the price paid for that security or business is an integral part of the investment decision making process.


JAM seeks to buy companies that are priced at a significant discount to their intrinsic value, with the expectation that over a reasonable time period the discount will narrow or disappear. Investments are made with the concept of a "margin of safety," which we believe lessens the chance of loss of capital.


  • Enable investors to directly compare one firm’s track record with another firm's record.

  • Include composite presentation, improving transparency by eliminating survivorship biases, misrepresentations and historical data omissions.

  • Evolve to address issues that arise in a dynamic investment industry.

  • Incentive firms to invest significant time and resources into internal risk-control mechanisms and setting performance benchmarks — the hallmarks of reliable long-term success. (To claim compliance, an investment firm must demonstrate adherence to comprehensive rules governing input data, calculation methodology, composite construction, disclosures, and presentation and reporting.) 

The GIPS standards are voluntary and based on the fundamental principles of full disclosure and fair representation of investment performance results.

Jolley Asset Management, LLC claims compliance with the Global Investment Performance Standards.

Jolley Asset Management, LLC is defined for GIPS purposes as an independent registered investment adviser with the Securities and Exchange Commission.

A complete compliant performance presentation and a list of the firm’s composite descriptions can be obtained by calling our office at (252)451-1450.

  • We believe that great long-term investment records are made by making tough decisions, which many times may mean going against the herd mentality.


  • We believe that in the long-term stock prices are ultimately driven by the earnings and cash flow of a business and the risk in that enterprise is largely related to the sustainability of those cash flows.


  • We believe in utilizing a value approach and investing at a discount is at its very core attempting to minimize risk.This means a value investor must be a contrarian and step away from the consensus mindset.


  • We believe in the sentiment shared by Seth A. Klarman, President of Baupost Group who once said that “having great clients is the real key to investment success.It is probably more important than any other factor in enabling a manager to take a long-term time frame when the world is putting so much pressure on short term results.” -Seth A. Klarman, President Baupost Group


  • We believe that the company’s competitive position is extremely important, and we prefer to buy companies where we believe the business franchise offers us a “margin of safety.”


  • We believe that investing with a “margin of safety” under the value principle of Benjamin Graham, gives the investor the best chance to succeed at investing over the long term.


  • While we believe in paying attention to relative risk, we are more concerned with absolute risk when we purchase a security.


  • We believe that dividends are an important component of total returns.


  • We believe in the power of compounding—you don’t have to make as much in the up years, if you don’t lose as much in the down years.


  • We believe that focusing on the balance sheet and downside risk takes priority over the potential for capital gains.

  • We believe in using individual stocks and bonds in constructing custom portfolios based on the client’s needs, objectives and risk tolerance.  While there is a place for mutual funds and ETFs, many times this strategy may encompass two layers of fees.