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  1. 06.14.2018

    Greenhaven’s Scott Miller on Value Investing

    Scott Miller on Value Investing SumZero – June 14, 2018 Scott Miller is the Founder and Portfolio Manager of Greenhaven Road Capital. Prior to founding Greenhaven Road, Miller founded an education company called Accelero that grew to 1000+ employees. Kevin Harris from SumZero sat down with Scott Miller to discuss Greenhaven Road Capital, small cap […] read more

Stride

  • Emerging Opportunities

    Entrepreneurs pursuing new areas of opportunity and market inefficiency

The way capital is allocated to funds is inefficient: 89% of industry assets are managed by just 11% of hedge funds.┬╣

 

Emerging teams have structural and motivational advantages.

  • Smaller / emerging firms have averaged +20% greater annual returns than larger firms.

 

Persistently higher returns can be found in emerging areas with structural advantages and less competition.

  • Misunderstood and inefficient markets
  • Gaps in analyst training and fund mandates
  • Market dynamics that move prices for non-economic reasons
  • Specialization or capacity constraints that┬áreduce┬ácompetition
  • Structures or tools that create competitive advantages
  • Jump steps in research and understanding investor behavior
  • Evolving regulations
(1) Preqin (2014).
(2) Barrons (2015), “How Small Hedge Funds Outperform Bigger Rivals.”