Philosophy and Process

  • Bottom-up fundamental research combined with technical analysis – long investments seeking value based upon free cash flow; short investments seeking fundamental changes in businesses and valuations
  • Systematic/Objective focus on continuous allocation of capital to companies with the most appealing reward/risk ratios
  • Risk Management – no leverage (we do not borrow to finance long positions), emphasis on liquidity, sector limits, position size limits, margin of safety in security selection, timing aided by technical analysis
  • Proactive focus on net exposure driven by reward/risk assessment of broad market combined with results of fundamental company research and top down macroeconomic analysis
  • Managing Members have a majority of their net worth invested in the funds
  • Professionals are owners/partners who embrace the collaborative team environment and investment philosophy