Our investment approach is not for everyone.  In fact, it is not for most.

​

We are contrarian and therefore do the opposite of what is popular.  Most investors are uncomfortable or even psychologically incapable of acting in opposition to the crowd.  Michael Steinhart, a famous and successful investor describes the contrarian approach by saying, "When views are truly contrarian, they are inevitably uncomfortable.  Courage and the ability to withstand pain are required."

​

We are willing to concentrate our investments into a few large positions.  Most investors have been baited into believing Wall Street's advice that diversification is critical.  We disagree and instead agree with Warren Buffet who said, "diversification may preserve wealth, but concentration builds wealth."  Put another way, we prefer to "put all of our eggs in one basket, and watch the basket."

​

Finally, our investment returns can be volatile.  In some case, after we initiate a position, prices drop.  Falling prices may encourage us to take larger positions. Bigger positions with falling prices can mean higher volatility or at least larger drawdowns.  Modern economics textbooks argue that risk and volatility are equivalent.  We disagree.  We agree with George Soros who said, "the worse a situation becomes, the less it takes to turn it around, the bigger the upside."

​

We only seek long term co-investors who are knowledgeable and understanding of our approach.  If you have made it this far, we hope that you enjoy the rest of the website.

​

Lincoln Samelson

Chief Executive Officer