One thing we like to do on the short side is to wait to see things start to break down before we get involved. Once something starts to crack, there will still likely be plenty of disagreement reflected in the stock price on whether or not the business is really broken.

You always want to use your capital as efficiently as possible and I think we're fairly good at sizing positions based on the revaluation opportunities present. A lot of value investors may buy at $20, buy more at $15, and then won't purchase another share all the way to $40 or $50. We're not afraid [...]

The importance we put on management really depends on the type of investment we're making. If a company is underearning against its industry or historical levels and the challenge is to get things back to normal, my perspective is that if current management isn't up to the challenge, a new one will be. But in [...]

You make a lot of money in stocks when they get revalued. We want situations in which the probabilities are favorable for margin recovery and a return to normal revenue levels coming out of a difficult period, which would result in multiple expansion.

You make a lot of money in stocks when they get revalued. We want situations in which the probabilities are favorable for margin recovery and a return to normal revenue levels coming out of a difficult period, which would result in multiple expansion.