Private Market Value is the anchor in our strategy. ​PMV keys in on the price an acquirer would be willing to pay per share for the entire company, and is derived by first observing actual takeover valuation multiples. We use industry-specific metrics to capture appropriate value drivers.

Stock prices are more volatile than the underlying value of the franchise, creating a unique investment opportunity. Private market value becomes the anchor that frames all decisions within an emotional market. We apply the “margin of safety” principle to provide a measure of protection against unforeseen changes in estimates.