We identify information gaps in small and misunderstood companies with potential for dramatic stock price appreciation. We uncover successful investment ideas using an extensive information network. We actively manage portfolios, applying precise buy-and-sell disciplines on a bottom-up basis.

• Uncovers great ideas with a proven research process.
• Maximizes opportunity by investing in both Discovery and Rediscovery companies.
• Creates upside potential through disciplined stock selection skills and valuation disciplines.
• Systematically captures gains and minimizes losses with well-defined sell disciplines.

Discovery Phase
For companies in the early stages of their investment cycle, we seek evidence of high growth prospects (two to four times that of the average company). Only with rapid earnings growth will a small company gain investor notice and establish a track record that makes major investors bid up the stock price to accumulate the shares.

Rediscovery Phase
For misunderstood companies, we look for a change that will remove investor neglect. Typically these changes involve new management turning the company around, asset redeployment or corporate restructuring, undervalued assets that make a company ripe for a takeover, or rapid earnings acceleration due to new product introductions or a powerful cyclical force.

We sell when:
• A stock price rises 10-20% relative to the portfolio (lock in profits).
• The stock reaches our sell target (secure gains, avoid overvaluation).
• Adverse fundamental changes occur in a
  company's prospects (eliminate weak companies).
• A company's stock price breaks down (minimize losses).
• A better opportunity emerges (improve portfolio potential).