Lemley Yarling Management Co

The firm provides individualized portfolio management and financial advice to individuals, pension and profit‑sharing plans, charitable organizations, and trusts, managing a compact base of long‑standing clients and approximately $14 million in assets. It requires a minimum account size and is not accepting new clients.

The firm follows a risk‑avoidance, market‑timing approach that emphasizes buying quality stocks when out of favor, maintaining sizable cash and short‑term Treasury positions to limit downside, and increasing turnover since 2015 to capture short‑term profits and limit losses. Client portfolios are invested primarily in stocks, ETFs and U.S. Treasuries and are typically managed on a discretionary basis with the option for reasonable client‑imposed restrictions.

Distinctive features include a wholly owned affiliated broker‑dealer that executes all client transactions and the practice of charging brokerage commissions in addition to asset‑based advisory fees, a structure the brochure notes can create an economic conflict of interest and may result in commission rates above clearing‑firm levels. The brochure also discloses a recent material change to the firm’s operations and emphasizes that most clients have been served for decades, which together explain the firm’s current decision to limit new client relationships.