EVENT-DRIVEN RESEARCH

We provide independent equity research with a focus on on event driven and value equities

 

We seek to exploit pricing inefficiencies that occur before or after an event

 

Events include M&A deals, spin-offs, activist investors, share buybacks, significant corporate transactions and special situations

 

These are diversified by types of risk and risk/return profiles, with an emphasis on value investing principles

We generate an edge with a unique research process:

VALUE INVESTING PRINCIPLES

 

This is the basic building block of our research process. It means:

– investment in stocks as a partial ownership of a business

– bottom-up,  fundamental valuation of securities

– absolute valuation metrics

– long-term investment perspective

CORPORATE EVENTS

 

In the event-driven space, we focus on a broad range of corporate events:

– Spin-offs

– M&A situations

– Activist investor campaigns

– Asset or business segment sales

– IPOs, SPACs

– Share buybacks, special dividends, corporate structure reforms

– Other corporate transactions

STORY INVESTING

 

We integrate ideas from literature:

– Look at companies and stocks as stories

– Best investments are just like good stories or movies: with three part structure,

  important turning points, intrigue, drama, and surprises

– Formulate a dynamic, not only static perspective

– Adds required “art” part to investing equation: imagination, structure, narrative, surprises, characters

– Narrative mode of thinking complements analytical one