About this Publication

This publication aims to present actionable investment research on asymmetric opportunities that, in many cases, are not front and center for investors. Whether you are an institutional investor “turning over rocks” or an individual investor building a portfolio, this research should serve as a stepping stone to your own diligence process. Furthermore, the goal here is to provide enough background on a thesis to enable an institutional investor to determine whether that thesis may be of interest to them.

The investment ideas discussed here will not fit into a single “style”, such as is my own experience and training as an institutional investor. However, I do tend to gravitate toward theses that fit at least two of following characteristics - cyclical, secular, and/or idiosyncratic. This framework came to the forefront of my thinking and process during my several years covering the energy sector in an attempt to avoid mistaken, simple commodity exposure (though there is certainly a time and place for that). Theses will generally have a target duration of one to three years, if not longer.

Background

I have long been interested in investing ever since playing the “stock market game” in a high school accounting class. Following the typical investment banking training, I spent ~10 years at several long/short equity hedge funds. These roles ranged from generalist to specialist, and consumer to iron ore. As a professional investor, I have looked at an idea in every industry outside of financials and healthcare. I have loosely followed technology trends for years, and have invested in many disruptive or high growth businesses in the space, but never held formal coverage within technology. However, my personal investing over the years has shown substantial returns from picking what I deemed to be long term technology winners and simply being patient (several 20x+ returns). At the same time, I do not shy away from owning cyclical businesses at troughs (several 10x+ in E&P from Covid lows).