Find Ignored Companies and Invest in Them

Our strategy from the beginning has been to focus on areas where we believe we can have some advantage, where there is a greater prevalence of irrationality and higher likelihood of mispriced assets. For us, that’s not going to be investing in Microsoft or in some quantitative strategy against a room of Goldman Sachs’ Ph.D.’s with Cray supercomputers. We have to be guerrilla investors, lying in the weeds and picking off opportunities among the obscure and mundane. That usually means small, ignored companies that no one else is talking about.