Gilder Gagnon Howe &

We are a registered broker dealer, and a registered investment advisor. Functioning as independent businessmen and women, we each have our own clients, but share a belief in growth investing for the long term. We each have different ways of analyzing companies and managing client accounts, but we work together to tap the group’s diversity of ideas and opinions. This multiplicity of opinion serves to test each idea from a variety of angles—both before and after a broker acts upon it. Although we share information, we often don’t invest in the same stocks or at the same time. In fact, we occasionally find ourselves on opposite sides of a security. While each broker is responsible for his or her own investment decisions, we are aided by our analyst colleagues who scour the market for growth opportunities; our account managers who help execute our investment programs and work with clients; and our traders who connect us to the markets. All brokers (and most employees at GGHC) invest their own money in the same companies as their clients. Successes and mistakes are felt by us all. There are times when clients’ accounts decline, and yet we continue to trade and charge commissions. Staying this painful course requires long-term thinking, trust, and patience.