"As investors, we need to be compensated for the risk we take. It is that simple."

Mark A. Meulenberg, CIO


All of our investment activities are viewed through this lens: We are intently focused on avoiding permanent capital losses.

We look for mispriced investments where the reward potential far outweighs the risk of losing money thus providing a margin of safety. This often requires us to develop a variant perspective on the value of a business that is at odds with market consensus.

Our pragmatic, contrarian approach produces a portfolio that often looks quite different than that of our peers.

We will seek out businesses across a wide range of industries, sizes, and types. Over the years we have found robust opportunities in sectors such as media, satellite radio, business services, enterprise software and industrials. Our preferred business is one that is understandable, provides an essential service or product and generate high returns on capital.

"I too believe that avoiding loss should be the primary goal of every investor. This does not mean that investors should never incur the risk of any loss at all."

Seth Klarman