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Mohnish Pabrai on Intelligent Investing Globally in 2025 and Beyond

January 22, 2025 in Audio, Best Ideas 2025, Best Ideas 2025 Featured, Best Ideas Conference, Diary, Equities, Ideas, Invest Intelligently Podcast, Member Podcasts, The Manual of Ideas, Transcripts

In a keynote Q&A with John Mihaljevic at Best Ideas 2025, superinvestor Mohnish Pabrai discussed his latest thoughts on intelligent investing around the world. Mohnish reiterated some of the key tenets of his investment philosophy and shared some of the opportunities he sees in global markets.

Mohnish also discussed his investment thesis on the coal industry and put it in the broader context of investing in capital-starved industries that are entering a rewarding part of their capital cycle.

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About the instructor:

The Pabrai Investment Funds (PIF) were inspired by the original 1950s Buffett Partnerships and are a close replica of the original Buffett Partnership Rules. The Pabrai Funds Managing Partner, Mohnish Pabrai, is an ardent disciple of Warren Buffett and closely follows Buffett’s principles on value investing and capital allocation. From inception in 1999 through September 2022, a $100,000 investment in Pabrai Funds had grown to $1.1 million (after all fees and expenses). This equals to an annualized gain of 10.7% versus less than 6.2% for the S&P 500.

Mr. Pabrai was the Founder/CEO of TransTech, Inc. – an IT Consulting and Systems Integration company. Founded in his home in 1990, Pabrai bootstrapped the company to over $20 million in revenue when it was sold in 2000. TransTech was recognized as an Inc. 500 company in 1996. Pabrai has been profiled by Forbes and Barron’s and appeared frequently on CNN, PBS, CNBC, Bloomberg TV and Bloomberg Radio. He has been quoted by various leading newspapers including USA Today, The Wall Street Journal, The Financial Times, The Economic Times and The Times of India. He is the author of two books on value investing, The Dhandho Investor and Mosaic: Perspectives on Investing. The Dhandho Investor has been translated into German, Mandarin, Japanese, Thai, Korean, Vietnamese, and Spanish.

Mr. Pabrai is the winner of the 1999 KPMG Illinois High Tech Entrepreneur award given by KPMG, The State of Illinois, and The City of Chicago. He is a member of the Young President’s Organization (YPO) and a charter member of the IndUS Entrepreneurs (TiE).

Mr. Pabrai is the Founder and Chairman of The Dakshana Foundation which is a public US 501c(3) charity. Dakshana focuses on poverty alleviation through education. Dakshana alleviates poverty by identifying brilliant but impoverished teenagers and providing intensive coaching for 1-2 years for the IIT and medical entrance exams in India. Since inception in 2007, the IITs have accepted 3015 Dakshana Scholars. Since inception, 4095 of our scholars have been accepted by the IITs, AIIMS, and various medical colleges (out of a total universe of 6290), a success rate of 65%. Since 2017, various government medical colleges have accepted 1080 Dakshana Scholars, including 222 at AIIMS, the Harvard Medical School of India.

Mohnish loves playing duplicate bridge and received his first lifetime ban in 2019 from playing Blackjack at a Las Vegas Casino due to his winning blackjack system. He lives in Austin, Texas.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Five Point: New Management Team Refocusing California Land Developer

January 22, 2025 in Audio, Best Ideas 2025, Best Ideas 2025 Featured, Diary, Discover Great Ideas Podcast, Equities, Featured, Ideas, Member Podcasts

Bob Robotti of Robotti & Company Advisors discussed his investment thesis on Five Point Holdings (US: FPH) at Best Ideas 2025.

Thesis summary:

Five Point Holdings is a land development company formed by Lennar in 2016 to combine three strategic California-based land development investments. FPH owns 30,000+ entitled housing sites in supply-constrained markets that will be sold to homebuilders and commercial developers.

Five Point’s land assets represent a significant portion of the real estate available for development in Los Angeles County, San Francisco County, and Orange County, three of the most dynamic, supply-constrained markets in California:

  • Great Park, located in Irvine, California, is ~80% complete and generating significant free cash flow.
  • Valencia, located north of Los Angeles County, is one of the largest master planned communities in the state. Less than 10% of the 21,500 homesites have been sold, leaving more than a decade of runway.
  • Candlestick / SF Shipyard, located in San Francisco, is a one-of-a-kind blank canvass master planned community with entitlements for over 12,000 homesites and over six million square feet of commercial space.

A new management team has paid down/refinanced debt while shifting focus to controlling costs and generating free cash flow through market cycles.

Bob believes that the value of Five Point’s Great Park Community equals the current value of the entire enterprise and fails to ascribe value to Valencia and the San Francisco venture — both very valuable assets.

Watch this session:

slide presentation audio recording

This session is also available as an episode of Discover Great Ideas, a member podcast of MOI Global. (Learn how to access member podcasts.)

About the instructor:

Bob Robotti is the Founder, President and CIO of Robotti & Company Advisors, a registered investment advisor based in New York City.

Guided by the classic tenets of value investing, VALUATION MATTERS. Robotti & Company Advisors uses a proprietary research approach to identify companies which trade for substantial discounts to their future free cash flows, yet are misunderstood, neglected, or just out-of-favor, so discounted by markets. Once identified, Robotti’s investment team focuses on deep primary industry and company research to select investment holdings through the lens of a long-term business owner.

In this capacity, Bob is currently on the boards of AMREP Corporation (NYSE:AXR), Pulse Seismic Data Inc. (TSX: PSD) for which he also serves as Chairman, and Tidewater, Inc. (NYSE:TDW). Bob previously was on the board BMC Building Materials Holding Corporation, now amalgamated into Builders FirstSource, the premier and differentiated distributor of building structural products to homebuilders.

Prior to founding Robotti & Company in 1983, he was the CFO of Gabelli & Company. Bob holds a BS in Accounting from Bucknell University and an MBA from Pace University.

Tecnicas Reunidas: Engineering Leader to Benefit from Energy Upcycle

January 22, 2025 in Audio, Best Ideas 2025, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Javier Echevarria of Invexcel Patrimonio presented his in-depth investment thesis on Tecnicas Reunidas (Spain: TRE) at Best Ideas 2025.

Thesis summary:

Técnicas Reunidas is a world-leading engineering company focused on energy industrial projects, mainly natural gas, refining, and petrochemical. It is a family-controlled Spanish company with a solid record of 60+ years designing and building 1,000+ complex industrial plants in more than 50 countries, which makes it a trusted partner for the top energy companies worldwide.

After a painful and unprecedented long period of low investments in the oil and gas sector, the largest investment cycle ever seen is now developing. TRE is well-positioned to take advantage not only of the traditional oil and gas capex, but also of the decarbonization needs for varied industries — an area where it has developed strong capabilities.

In a business with barriers to entry, capacity constraints and a disciplined competitive landscape (many players are still struggling after the low part of the cycle), TRE stands with a solid track record, a recovered balanced sheet, and a valuable pool of engineers. The share price does not yet recognize the recovery in revenues, margins and pipeline, all of which are improving.

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About the instructor:

Javier Echevarria serves as Chief Investment Officer of Invexcel Patrimonio. He has specialized in Equity Investments and Wealth Management since 2007. He worked in Bestinver’s sales team from 2007-2009. He coordinated the Anatha charity project in Cambodia in 2009. He joined Excel Corporación as Markets Analyst in 2009 and Invexcel Patrimonio in 2010. He holds a Degree in Law from the Universidad Complutense de Madrid and a Master’s Degree in Stocks and Financial Markets from Instituto de Estudios Bursátiles.

DXL Group: Well-Run Niche Retailer With Value-Unlocking Catalysts

January 21, 2025 in Audio, Best Ideas 2025, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Rimmy Malhotra of Nicoya Capital presented his in-depth investment thesis on Destination XL Group (US: DXLG) at Best Ideas 2025.

Thesis summary:

DXL is a well-run off-mall niche retailed focused on the Male “Big & Tall” space.

DXL stores and sales channels create a one-stop shop of fashionable wear for its target customers. Items are well designed from the ground up, and in stock. Customers are welcomed into the store and feel part of a community.

DXLG continues to have growth opportunities domestically, is debt free, retiring shares, and has a credible take-private bid in hand.

Rimmy estimates the shares trade at less than 2x 2028 EBITDA. With a solid balance sheet, Rimmy believes DXLG can deliver 2-3x returns while also providing ample downside protection.

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About the instructor:

Rimmy Malhotra is Portfolio Manager at Nicoya Capital. The Nicoya Fund is an investment partnership with limited investing constraints. Coupled with a stable of very long-term oriented partners we invest in a concentrated and deliberate fashion across a wide variety of industries, and company sizes. Currently, Rimmy serves on the board of HireQuest (ticker: HQI) , Infusystem (ticker: INFU) & Optex Systems (ticker: OPXS), and previously served on the board of Peerless Systems. Rimmy served for three years as a United States Peace Corps Volunteer in Central America. He earned an MBA in Finance from The Wharton School and a master’s degree in International Affairs from The School of Arts & Sciences at the University of Pennsylvania where he is a Lauder Fellow. Mr. Malhotra holds undergraduate degrees in Computer Science and Economics from Johns Hopkins University.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Two NCAV Bargains: Playmates Toys (Hong Kong) and Charle (Japan)

January 21, 2025 in Audio, Best Ideas 2025, Diary, Equities, Ideas

Juan Matienzo of Mercor Investment Group presented his investment theses on Playmates Toys (HK: 0869) and Charle (Japan: 9885) at Best Ideas 2025.

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About the instructor:

Juan F. Matienzo is the Managing Partner of Mercor Investment Group, where he is responsible for the portfolio. Juan follows deep value principles, and prefers companies that trade for less than liquidating value. He is also an amateur painter. He has a BBA and a Master of Clinical Psychology from UDLAP, and an MBA from the Harvard Business School.

Aavas Financiers: A Leader in Affordable Housing Finance in India

January 21, 2025 in Audio, Best Ideas 2025, Diary, Equities, Ideas

Ashish Kila of Perfect Group presented his in-depth investment thesis on AAVAS Financiers (India: AAVAS) at Best Ideas 2025.

Thesis summary:

AAVAS Financiers is a business that has existed for many years and is similarly expected to last for years to come. The company is in the affordable housing finance industry, which is a long-standing sector in India. The Indian affordable housing finance industry is projected to grow significantly.

The company is a leading player in India in its segment. AAVAS is an affordable housing finance company (HFC) with a focus on providing loans to self-employed individuals and customers with weaker income documents. It has a niche market in small towns and semi-urban areas. AAVAS has disbursed more than ₹27,000 crores over the last 10 years while maintaining a low non-performing assets (NPA) rate. The company has already opened 372 branches and is actively expanding its geographical reach, particularly in southern India, and aims to increase its branch network from 372 to 600 within the next 3-4 years. With mortgage penetration in India at just 12.3% of GDP, there is significant room for growth in the affordable housing finance sector. AAVAS is well-positioned to capitalize on this opportunity and has ambitious plans to expand its reach by opening 30-35 new branches annually, ensuring sustained growth for decades to come.

AAVAS utilizes a low-cost operational model, which contributes to lower borrowing costs compared to its peers. The company is also leveraging technology to enhance efficiency, reduce loan processing times, and decrease employee costs. AAVAS has reduced the turnaround time (TAT) for loan sanctions from 9 to 6 days using tech. The company also uses a centralized model for core functions, such as lead generation, risk management, and collections.

The company places a strong emphasis on ethics, honesty, and integrity as core values driving its operations. Additionally, the investment by CVC Capital Partners highlights confidence in the company’s growth potential, backed by CVC’s proven track record of successful turnarounds. Notably, the company is currently trading at valuations lower than its pre-COVID levels, presenting an attractive investment opportunity.

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About the instructor:

Ashish Kila is a rank holder CA and MBA from MDI Gurgaon. He has worked with leading investment banks like Goldman Sachs & Morgan Stanley in their equity research division and now is the Director at Perfect Group. Ashish looks after the strategic functions of the group and manages the family office fund. Ashish is a regular speaker at NewsX, Bloomberg Quint Prime Spaces and contributes articles for newspapers like Business Standard and magazines like Money Today and sites like MoneyControl. Ashish has over the years conducted seminars on value investing, leadership, productivity and startups (angel investing) in prominent institutions like IIM (Calcutta, Indore), ISB (Hyderabad, Mohali), MDI Gurgaon, IBS Gurgaon, SSCBS, DSE, etc; forums like Octoberquest, MOI Global, CFA Society India; institutional firms like Fidelity, BNP Paribas MF, SBI MF, BOI AXA MF, Ambit House. Ashish & his family undertake several social initiatives via the group’s NGO – Perfect Foundation. The family is also actively involved with Bhaorao Deoras Sewa Nyas & is helping manage its two projects, Feeding 2000 people everyday free of cost where >45 lakh people have benefitted & Managing charitable patient attendant facilities across various hospitals in India i.e.~280 bed AIIMS Trauma Delhi, ~250 bed facility IGIMS, Patna , 300 bed near KGMC Lucknow and 800 bed AIIMS Jhajjar where >1 lakh people have benefited.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

SCOR: Undervalued Tier 1 Reinsurer to Become Leaner Under New CEO

January 19, 2025 in Audio, Best Ideas 2025, Best Ideas 2025 Featured, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Frank Fischer of Shareholder Value Management presented his investment thesis on SCOR SE (France: SCR) at Best Ideas 2025.

Thesis summary:

SCOR is active in the reinsurance industry. With 38 branches worldwide and more than 3,000 employees, the company is one of the top five in the industry. SCOR is a Tier 1 reinsurer (Munich Re, Swiss RE, Hannover Re and Berkshire Hathaway) and benefits from its consistent long-term client relationships as they are strategically important to its clients. SCOR is a composite reinsurer (life and non-life) and has the highest proportion of life business in comparison.

Frank believes the Life segment is significantly undervalued- Life Re should become a stable profit contributor due to the new IFRS 17. SCOR is benefiting from rising interest rates and is rated AA- for balance sheet strength (S&P).

The new CEO Thierry Leger is changing the culture of the group, making it leaner (has reduced the management layers from ten to six) and more entrepreneurial. SCOR is well capitalized to grow in the attractively priced P&C market.

The valuation is attractive, with P/E of 5.8x and a rising dividend (7.9% yield). SCOR shares are also undervalued compared to competitors.

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About the instructor:

Frank Fischer, born in 1964, is the CEO of Shareholder Value Management AG, where he also acts as the Chief Investment Officer (CIO). Frank Fischer was honoured as Fund Manager of the Year in 2018. In addition, Frank Fischer is also a member of the Management Board of Shareholder Value Beteiligungen AG and Chairman of the Supervisory Board of Intershop Communications AG. From November 2009 to May 2014, Frank Fischer was also a member of the Board of Directors of PULSION Medical Systems SE. Until the end of 2005, Frank Fischer was the Managing Director of Standard & Poor’s Fund Services (formerly Micropal GmbH) where he was responsible for investment fund information and ratings. After completing his apprenticeship as a banker at the Hessische Landesbank, he completed his studies in business administration at the University of Frankfurt. Mr. Fischer is married and has two children. He is the founder and director of the charitable foundation Starke Lunge.

Spirit Airlines Debt: Attractive Opportunity to Own Post-Reorg Equity

January 19, 2025 in Audio, Best Ideas 2025, Best Ideas 2025 Featured, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Parul Garg of PenderFund Capital Management presented her thesis on the debt securities of bankrupt Spirit Airlines (US: SAVEQ) at Best Ideas 2025.

Thesis summary:

Spirit Airlines is an ultra-low-cost-carrier airline operating primarily in the east and south-eastern United States, as well as Central/South America. It has recently filed for bankruptcy after merger talks with JetBlue Airlines broke down. The stock dropped 60% in one day on the news. This was due to a litany of issues hitting simultaneously, including two failed merger attempts, engine deficiencies, mounting losses, and looming debt maturities amongst a backdrop of increased competition, higher inflationary environment, and changing consumer tastes for premium-level international travel experiences.

The debt offers a significant opportunity for investors to become reorganization equity holders. With take-back paper and attractive rights offerings, holders are able to access a low valuation for a business that offers palatable leverage and room for EBITDAR growth and multiple expansion. Loyalty notes recently traded below 80 cents on the dollar, with a rights offering issued at a 30% discount to equity plan value, with potential returns in the double digits.

Convertible notes recently traded at less than 32 cents on the dollar, with a potential estimated return range of 29% to 213%. Potential positive catalysts include improved financial flexibility post-restructuring, a looser M&A regulatory environment, and the introduction of premium-class fares to generate market share growth.

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About the instructor:

Parul Garg is Pender’s stressed and distressed credit investing specialist. Since joining the Lipper award-winning Pender Corporate Bond Fund portfolio management team in 2015, Parul has quarterbacked numerous successful workouts with stressed and distressed investments. With a track record of value creation in these credits, Pender has launched the Pender Credit Opportunities Fund, with Parul leading portfolio management along with Geoff Castle.

Parul started her career as a Software Engineer for Accenture plc., from 2007-2009. Her focus area was on projects in the financial domain where she got her first exposure to capital markets. In 2009 she moved to Future First, a private investment firm in India, working as a Fixed Income Derivative Analyst. In 2013 she joined MCX Stock Exchange in India, working as a Product Developer with the Business Development Team for the Fixed Income Markets. She moved to Vancouver in 2014 to start her MBA.

Parul is a seasoned investment professional known for her meticulous evaluation and strong focus on risk mitigation. She conducts thorough assessments of company value, credit risk and liquidation value, tailoring her analysis to the unique risks of each credit investment. An advocate of objective analysis, she utilizes risk measurement systems derived from market trends and fundamental analysis. Parul prioritizes rigorous risk assessment, employing a comprehensive 13-point checklist during due diligence to deeply understand investment risks. Once an investment is secured, she actively manages the portfolio, strategically rotating holdings to optimize performance and “crystallize winners.” Her proactive approach, combined with thorough due diligence and proactive credit risk management, has led to a strong track record in the Pender Corporate Bond Fund, particularly in the stressed or distressed category.

Parul has a Bachelors of Technology in Civil Engineering from NIT Surat in India, a Masters of Business Administration from the Beedie School of Business at Simon Fraser University. In 2022 Parul attended the highly regarded Distressed Asset Investing & Corporate Restructuring program at the prestigious Wharton School, University of Pennsylvania.

TV Today: India’s Foremost News Franchise With Large Online Presence

January 19, 2025 in Audio, Best Ideas 2025, Best Ideas 2025 Featured, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Krish Mehta of Enam Holdings presented his investment thesis on TV Today Network (India: TVTN) at Best Ideas 2025. Krish presented this idea in his personal capacity and not on behalf of Enam Holdings.

Thesis summary:

TV Today is India’s foremost news franchise operating in the television broadcasting and digital space. Promoted by the Purie family, TV Today has been a bellwether in the news segment for over five decades. With channels such as Aaj Tak, India Today, Lallantop, Good News Today, Business Today, and many more, TV Today is a staple in most Indian households. With a market cap of 1160 crores ($134 million) and a net cash balance of 512 crores ($59 million), the business is available at an EV of 650 crores ($75 million), while making revenue of close to 1000 crores ($115 million) and PAT of over 56 crores ($6.5 million) in FY24. While the business benefitted from the General Elections (once in 5-year event), in just the first half of FY25, the company has already made a revenue of close to 520 crores ($60 million) with a PAT of 60 crores ($7 million). Adjusting for cash, the operating PAT in FY24 was close to 30 crores ($3.5 million) and is over 43 crores ($5 million) in H1 FY25.

In terms of ratings, in FY24, Aaj Tak was the #1 Hindi News Channel in India (as per BARC) and India Today was the leader in the English News Genre at 9 pm primetime (as per BARC). TV Today is poised to reap the benefits of its digital franchise given the sea change in the news media landscape with the move from traditional TV to digital viewership. With 31 digital first properties, TV Today stands to benefit immensely from the growing trend in digital viewership. The company has a subscriber base of over 100 million on YouTube that is consistently growing. Aaj Tak is the most followed news channel in the world on YouTube with over 69 million subscribers and the only news channel with a custom button in the world. To put this in context, the second most subscribed news channel on YouTube globally has over 46 million subscribers. Lallantop, TV Today’s digital only franchise, has a subscriber base of 32.2 million, making it the 5th most subscribed news channel on YouTube globally. The management has also been very quick to embrace new technology, having launched the world’s first AI news anchor in 2023 and has several AI news anchors today.

TV Today is a highly profitable and cash generative business. The company has consistently generated FCF over the last decade and delivered FCF/PAT conversion ratios north of 100% during most of those years. Additionally, the excess cash has been used to pay back shareholders with cumulative dividends over the last five years equaling over 50% of the current market capitalization. While the traditional broadcast media sector has faced big disruption over the past several years, TV Today has adapted to the changing trends with best-in-class digital properties. Having invested in the digital space over the past five years, the business is well placed to reap the benefits of these investments. With impeccable corporate governance, the current valuation provides a large margin of safety to make asymmetric returns. TV Today is significantly undervalued, not only on an absolute but also on a relative basis, as is indicated by the stock price, having made no return over 21 years.

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About the instructor:

Krish Mehta is an investor from Mumbai, India. He is an Investment Analyst at Enam Holdings in Mumbai, a reputed family office. Krish’s role at Enam involves conducting bottom-up, fundamental research of Indian and global equities across sectors, portfolio management, and covering global macro. Krish graduated from the NYU Stern Undergraduate School of Business in 2019 with a BS in Finance and Accounting and interned at a long/short hedge fund in London, Theleme Partners, for two summers prior to joining Enam.

Seaport Entertainment: Undervalued, Misunderstood Property Portfolio

January 17, 2025 in Audio, Best Ideas 2025, Best Ideas 2025 Featured, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Chris Waller of Plural Investing presented his investment thesis on Seaport Entertainment Group (US: SEG) at Best Ideas 2025.

Thesis summary:

Seaport Entertainment was spun out of Howard Hughes (US: HHH) in July 2024. The company is a complex group of loss-making properties primarily in Lower Manhattan that has dragged down HHH’s stock for years and was likely sold down by shareholders post-spin.

HHH invested $1.5 billion into these properties, and SEG recently traded for a market cap of just $340 million, with net cash on the balance sheet.

Many of the properties are just a ten-minute walk from Wall Street, overlook the Brooklyn Bridge, and will benefit from the new management’s background in entertainment and hospitality.

Chris believes the risk/reward is asymmetric, as two stabilized properties alone are worth most of the recent market cap. The upside is harder to estimate, but there should be significant recovery in the other properties. We could be at the beginning of an entire neighborhood of Lower Manhattan appreciating in value.

Chris estimates intrinsic value in three years that is double the recent share price. Insiders seem to agree. Pershing Square owned 38% pre-spin and Bill Ackman was Chairman of HHH for 13 years, including when the spinoff was announced. Pershing backstopped the post-spin rights offering and increased their stake by oversubscribing to the shares. Seaport’s new CEO and CFO have both moved their families to New York to take up their roles and are largely compensated in stock.

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About the instructor:

Chris Waller is the Founder and Portfolio Manager of Plural Investing, LLC. Plural Partners Fund was launched in 2020 with the belief that in-depth primary research can uncover ‘hidden gems’ in the small cap universe. The fund invests in 7-8 of these stocks over a 3-5 year time horizon. Some of our research is published in long form reports and available at the Hidden Gems Investing Substack. Prior to founding Plural, Chris worked in London at Goldman Sachs Asset Management. Chris joined in 2013 and worked as a member of the investment team for the Global and International Small Cap equity funds. He has an MBA from the Value Investing program at Columbia Business School and BA in Economics and Management from Oxford University. Chris lives in New York.

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