We're fairly concentrated, with about 70 to 75 percent of our capital in our top 20 positions, so we know what we own and don't need a lot of statistical analysis to figure out where we're exposed. We think concentration is the key to big performance, but we also have no desire to have our [...]

We're selecting for companies that are entering episodes of their public lives in which they're going to be transformed. We do both the fundamental valuation work as well as an analysis of the probabilities of successful, value-unlocking outcomes. We tend not to focus on short-term opportunities in which we may have no real edge, or [...]

The hedge-fund industry grew up by preying on the inefficiencies created by the mutual-fund mentality of only departing from a benchmark index weighting with reluctance. Events that transform companies can complicate things when you’re focused on, say, having an 8 percent weighting in industrials. That’s why these types of companies can often be mispriced. There’s [...]