“Against the Heard” is a figurative representation of the principles practiced within our value-oriented investment management firm. While many believe markets are efficient, we are not of the same opinion. Throughout time, there are countless examples of irrational disconnects between market prices and underlying business fundamentals. It is our belief that with smart, conservative analysis, we can quantify a margin of safety, identify attractive investment targets, and take advantage of such market inefficiencies. Above all else, we look for opportunities where the risk/reward is skewed in our favor, and allocate capital accordingly.