Investment Process

Our process is simple by design, as we have learned over time that deviations from this discipline leads us to sub-optimal results. After engaging in a brutally honest and rigorous review of all our investments (the investment equivalent of a morbidity and mortality conference) we distilled the steps that lead us to the best results and internally codified them.

We start with our basic thesis born of our cooperation with industry experts and supported by third party data; then work carefully through a more normalized diligence process. If an investment survives this scrub, we then subject it to the crucible of a red team cross examination.

The red team is a selection of investors whose opinions we trust and with whom we have worked in the past but who are industry experts but have not been exposed to the specific opportunity under review. The goal is not necessarily to dissuade us from any particular investment but instead to make sure that we have correctly and completely identified each of the risks we are about bear.

Once we make an investment, we join the team. This means that we become supporters of the management team in whichever way best serves the common interests. We are as happy rolling up our sleeves and assisting in the growth of the company as we are sitting back in a passive role and allowing an executive team to run.