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Frequently Asked Questions
Here are answers to the most common questions we receive, plus links to additional information you may find helpful on this site.
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Submit your inquiry through the contact form and tell us about your background and past experiences. We will be in touch to discuss any upcoming opportunities that may be a good fit. At that point, we will request your resume for consideration.
Relevant work experience is not always a prerequisite for success. Our firm reflects a variety of backgrounds, talents, perspectives and experiences. We value diversity and competitiveness. We are not looking for great resumes — we are looking for great people.
Activist investors and short sellers are generally reviled as malevolent opportunists by most corporations, the entire sell-side industry, much of the financial media, and a lot of politicians. This deep seeded institutional bias is highly corrosive as it facilitates the formation of corporate frauds, bubbles, and financial crises.
We believe that activist investing and short selling are an important check on the marketplace, and we support the assessment that frictionless short selling is essential for the efficient market hypothesis and the capitalized pricing model as William Sharpe noted in his 1990 Nobel Prize acceptance speech.
For us, sharing our findings in a public way is not only an important step in our investment process but also a healthy feature for capital markets. It gives other market participants and stakeholders an opportunity to evaluate our observations alongside the findings of others to see if their investment thesis has changed. All of our actions that can significantly affect a portfolio company require broad shareholder support.
The term ‘corporate raider’ tends to be used by critics as a catch-all synonym for activist investors to marginalize their contributions to an effective market for corporate control. We do not believe that the traditional definition of the term accurately reflects our firm.
We seek to work with the management of the companies in which we invest to enhance shareholder value through a combination of strategic redirection, improved operational execution and more disciplined capital allocation. In certain instances, a ‘friendly’ approach will prove insufficient to drive the required changes.
Our firm’s unique position in the investment profession is built on our distinctive process of developing outstanding assets into outstanding companies through benevolent hostility.
Acknowledging that short-termism is a problem is the first, crucial step in solving it. The second step is to understand why short-termism exists in the first place.
As a firm, we adopt a long-term approach by providing patient, engaged, and productive capital, which encourages portfolio companies to institute active voting policies that lead to stronger corporate governance and improved investment strategies.
Benevolent Hostility builds a culture of high standards and is much more than an investment strategy. To us, it’s a competitive advantage and a chance to work collaboratively in a team atmosphere to strengthen accountability and aid economic growth while advancing the principles of good governance, diversity, and competitiveness.
The Benevolent Hostility Review (BHR) is our firm’s flagship business publication. The publication highlights our latest thinking on issues of importance to business leaders and decision makers around the world and across a range of industries and functions.