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Our Philosophy

We pursue opportunities on a bottom up basis, giving us the flexibility to pursue investments across a wide spectrum of industries. We seek businesses that we understand and that we deem are selling at a discounted price to intrinsic value. 

We believe that public markets provide the patient and prudent investor with unique opportunities to aquire assets at a discount to their worth. In Benjamin Graham's "The Intelligent Investor", Graham summerizes that the publically traded markets behave as a voting machine in the short term, and a weighing machine over the long term. This analogy refers to the public market's tendency to value assets in the short term off of elements such as news, emotion, and non material speculation, rather than tangible business fundamentals and capital structure. We look to capitalize on market dislocation by pursuing concentrated positions in businesses with strong fundamentals and favorable risk adjusted valuations. 

While we pursue long-term attractive investment results for our partners, we prioritize capital protection and downside risk mitigation by staying diciplined on valuation, and avoiding recourse leverage.

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