Strategy

We think like business owners and our pragmatic approach to value investing brings this long-term perspective to each investment.

Our catalyst-driven, long-biased strategy combines a concentrated portfolio of high-quality businesses with a collection of special situations that exhibit highly favorable risk/reward characteristics.

• We prefer to concentrate a substantial majority of the portfolio in a handful of our highest quality ideas.
• As a complement to this, we will opportunistically choose a diverse set of capacity constrained investments that are extremely mispriced either due to structural inefficiencies, negative sentiment or neglect.
• We will engage in shorting opportunistically mainly as a low-cost hedge in extreme market conditions.
• Across all of our investments we seek to identify a catalyst or path that will lead to value realization.