Value Investor Insight’s Post

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Firstlight Management’s AJ Secrist describes his basic approach as fundamentals-first activism. “I’m a fundamental analyst at heart. But I’m also looking to engage with management teams and boards to add idiosyncratic value on top of that by partnering with industry executives who provide unique intelligence and immediate credibility with the target-company boards.” Each investment is then structured as a separate investment vehicle in part so they can then add these executives as partners and directly compensate them through the P&L of the vehicle. This structure also alleviates the pressure to deploy capital into sub-optimal ideas. “I can wait forever for fat pitches. I don’t need to deploy capital into or do any ongoing maintenance on mediocre ideas. I can just take big swings at those special opportunities that only materialize a few times per year.” So what “big swings” is AJ taking now? $KNF $SHC https://lnkd.in/eAfTTbaG #valueinvesting #stockresearch

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