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Welcome to Massif Capital


A private investment partnership focused on finding value in cyclical businesses and under appreciated industries

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Welcome to Massif Capital


A private investment partnership focused on finding value in cyclical businesses and under appreciated industries

 “Climb if you will, but remember that courage and strength are nought without prudence, and that a momentary negligence may destroy the happiness of a lifetime. Do nothing in haste; look well to each step; and from the beginning think what may be the end.”

Scrambles Amongst the Alps by Edward Whymper

A big mountain climber lays siege to a mountain defensively, taking the summit and putting it all on the line when the odds of success are best.  The ability to execute a climb relies on contextualizing thousands of seemingly unrelated variables: weather, snow conditions, the mental fortitude of the team, all of which come together in what people perceive as the climbers innate ability.  In reality, it is the result of a process, patience, and experience.

Massif Capital is an asset manager with an investment process that parallels Edward Whymper's statement about climbing presented above. We invest with caution and confidence, and every decision we make is the result of prudence and calculation. Our goal is good absolute returns, but only after accounting for risk, and prioritizing the preservation of capital.

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Our Approach


Historically Informed and Value Conscious

Our Approach


Historically Informed and Value Conscious

The foundation of a successful investment is capitalizing on the market's mispricing of risk or incorrect discounting of future value.  Finding such opportunities is easier said than done.  At Massif,  we believe that spotting such "market inefficiency opportunities"  requires we be historically informed and intelligently contrarian: learning things others don't, contextualizing things differently than others do and understanding things as they are and as they are believed to be.

Although we are fundamentally bottom up value investors, we do not simply look for investments with lower-than-average price-to-book or price-to-earnings ratios and/or high dividend yields. Any suggestion that such a framework defines value investing is a mischaracterization.  At Massif Capital, value investing is about good buys, not good assets.

 

Finding good buys, or sorting the good assets from the good buys requires a significantly different perspective. A good return arises from the discount between an asset's value and the price that is paid for it, not from the quality of the asset.  Our approach requires discipline, focus, and courage. The discipline to only buy cheap, the focus to understand an industry and business deeply, and the courage to hold an investment through market cycles, averaging down when the price trends lower.

Our approach to investing is straightforward: we prioritize the preservation of capital, historically contextualize current thinking, and are ever conscious of the value we are buying.

 

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The Firm


The Firm


Our investors are our partners, not our clients or our customers. They are not simply the beneficiaries of our market insight, they are crucial participants in the investing process. We want our partners to think of us as accessible and professional.  Not only are ego and attitude liabilities in investment analysis but they are traits that put the essential trust between fund manager and investing partners at risk. Our approach to investing and how we run our business is guided by principals and our promise to always conduct "first class business, in a first class way."

First-class business in a first class way

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