Stacey Muirhead Captial Management


Other Commitments

We are willing to consider one-off opportunities that do not neatly fit into our long term or event driven investment categories. Any other commitments that we make will be purchased with a margin of safety and at a discount to intrinsic value on a basis consistent with all our other capital allocation activity. Commitments to high yield and distressed investments are examples of other commitments to which we have historically allocated capital. High yield commitments involve purchasing a security that is meeting its interest or dividend obligations at the time of purchase and is likely to continue to do so with a reasonable probability. Distressed commitments involve the purchase of a security in an issuer that has already defaulted on one or more of its obligations but where we believe that we can earn an attractive return when the issuer reorganizes its affairs by issuing a combination of cash and one or more new securities to replace the defaulted obligatio.

We are also attentive to ways that may mitigate risks to the capital we manage for our investors in a measured, thoughtful, and cost effective fashion. We actively consider all viable methods to reduce the risks associated with adverse movements in foreign exchange values, equity prices, interest rates and any other risks that can be identified. This may include the purchase or sale of various derivative instruments from time to time.

“A great business at a fair price is superior to a fair business at a great price.”

Charlie Munger


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