Contrarian Investors
Based in Denver, CO
Contrarian Investors is an opportunistic commodities focused asset manager founded by Randon Samelson and currently headed by his son, Lincoln Samelson.
Contrarian sources its alpha from its long-term time horizon, ability to withstand volatility, and diligent risk-management, armed with decades of experience witnessing how “a market can remain irrational longer than you can stay solvent.”
Contrarian’s philosophy and performance is antithetical and uniquely non-correlated to nearly every approach used in the industry today. We are only looking for long-term co-investors who understand our approach and understand that volatility and risk are not equivalent.
Our Edge
We believe that our edge exists in our commitment to make infrequent concentrated commitments with a long holding period.
We believe that there is wisdom in infrequent, deliberate, well-planned decisions. Warren Buffett wittily suggests that young investors try to limit their investing career to 20 decisions for an entire lifetime. Buffet gives the example of a baseball batter patiently waiting as pitches sail by. We do our best to wait for the the perfect pitch before trying to hit a home run.
We are willing to concentrate our investment positions. At some point, we believe that diversifying away from a superior investment idea can be distracting and compromise total returns. Warren Buffett clarifies this philosophy by saying that, "with each of your investment decisions, you should have the courage and conviction to place 10% of your total net worth."
We favor long holding periods. Think ten years - not ten days. Long holding periods typically provide tax and transaction efficiency as well as create benefits from compounding interest.
We pursue opportunity largely off the beaten path, sifting through the debris of financial wreckage, out-of-favor securities and asset classes in which there is limited competition...
Seth Klarman