Lighthaven is a fundamentals-based asset management firm that seeks to profit from the long-term growth of innovative businesses. The firm believes it can discover profitable opportunities by being an independent observer of business, consumer, cultural and market trends. Lighthaven believes that with vision and foresight it can identify companies that will benefit from such trends and that it is possible to do so before others. Lighthaven eschews the commonly-accepted distinctions between growth and value investing. The firm believes in investing in stellar companies that will experience aggressive growth over time, but that investments in such companies should be made only when they are fairly valued in relation to their prospects. The firm believes in focusing its resources and capital on a select number of quality investments while holding an adequate number of positions to diversify against losses in any given position. By doing so, Lighthaven believes that each of its successes will have a meaningful impact on returns without creating undue risk. In evaluating companies, Lighthaven scrutinizes historical performance, financial statements, and quantitative factors. The firm believes that quantitative data, however, is inherently limited. A thoughtful analysis of qualitative factors is also utilized to develop a full understanding of any company’s prospects. Virtually all companies operate in markets that are impacted by macroeconomic cycles. The firm believes that portfolio volatility can be moderated by monitoring such cycles and hedging during major market declines. In addition, Lighthaven believes that volatility can be reduced by selectively taking short positions, based on technical analysis, to hedge long positions.