We view longs and shorts identically, and invest in the most mispriced stocks we can find. Mispriced means, to us, that the market price is substantially different to our estimate of true intrinsic value, which is what an omniscient and dispassionate investor would pay to own the business in its entirety. We aim to invest in longs at 60% of our estimate of intrinsic value and to invest in shorts trading at twice our estimate of intrinsic value. One can view us as lazy ‘public leveraged buyout'
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