I have followed the markets for over 15 years. I have an MBA in Finance, I'm a CFA Charterholder and have taken numerous industry course. I currently work for a large financial institution. I am a private investor that enjoys learning from this community and contributing every so often. Feel free to check out my blog and post a comment. All posts are my opinion alone.
My academic background is in Engineering and management.
Besides one basic accounting course at university my investment knowledge is self-taught.
Reading books, SEC filings, annual reports, analyst reports, blog posts, MOOCs, message boards and listening to select podcasts and conference calls has helped me enormously to evolve as an investor.
My work consists in procuring investment situations for clients where the estimated monetary value of a quoted financial security is significantly higher than its market cost; thus establishing a margin of safety in investments that allows for market outperformance and a lower risk profile in the long term. During this time I have successfully identified and invested in inefficiently priced financial securities that with few exceptions have outperformed global equity markets.
My experience is further divided into two types of investments:
1.) General Equity Investments: Investments in companies whose true value is unrecognised by equity markets.
+Asset Value. Shares of companies selling for much less than their net asset value, liquidation value or those that have substantial hidden assets.
+Earnings Power Value. Shares of companies selling for much less than their cost of capital times their earnings, normalised earnings or their earnings potential.
+Great businesses at great prices. Shares of companies with excellent ROIC levels and competitive advantages selling for a price unreflective of such characteristics.
2.) Special Situations: Financial opportunities characterised by an unlocking of value via a complicated or uncommon financial structure that tend to be disregarded by market participants.
To realise the aforementioned investments, I read a great number of financial documents, reports and news articles daily and analyse and model my findings. While doing so my strategic framing and approach is two-fold:
+ Defensive Strategy: Monitoring and analysing the composition of the client’s securities portfolio and acting accordingly when the estimated value of a financial security changes.
+ Offensive Strategy: Exploring the global marketplace in search for investment opportunities, analysing them quantitatively and qualitatively and comparing them to the client’s opportunity cost (i.e. cash, current portfolio positions or other potential investments).
Douglas H. Leighton
Doug is co-founder and a principal partner of Dutchess Capital, a Boston-headquartered global hedge fund, which has managed an investment portfolio of over $2 billion in transactional value. Doug oversees the fund’s risk management and facilitates all of the fund’s trading on worldwide exchanges. Doug manages deal origination in North America, Europe and Australia and is a member of the firm’s Investment Committee. Douglas has founded several companies and has mentored several startup and growth management teams. He has over two decades of experience in equity trading, investment banking, asset management and the skill set to offer advice to startups and growth companies alike. While the funds are industry agnostic, Douglas has been largely focused on the legal marijuana market for over the past 2 years, initially as an observer while he conducted due diligence for several deals, and now as an active investor and board member for several companies. He also sits on the Company Selection Committee of ArcView, the cannabis angel network as well as a member of the NCIA. Through the Fund and personally, Doug has made numerous investments in ancillary businesses to the cannabis industry, in addition to touching the plant. He is often asked to speak at conferences regarding the business side of the marijuana business. Douglas has held seats on various boards of public and private companies, in addition to serving on the boards of several non-profits.
We look for undervalued small and micro-cap equities to provide the maximum ROI for shareholders. We do so through a combination of many factors, but most importantly, we look for companies that are currently generating revenue, have significant potential for growth, and a minimal risk profile.