For over 20 years, Narwhal Capital Management has provided investment advisory services for individuals, families, private corporations and charitable organizations. At Narwhal, equity investing is all about value. Or perhaps more appropriately, equity investing is about identifying under-valued stocks with understandable stories. While we tend to being our stock screening process with more measured analysis, we firmly believe that bottom-up individual equity selection is both a science and an art. In light of that, we do place an emphasis on less tangible items such as company management, barriers to entry and economic moats.