Good Investments Are Hard to Find
Laughing Water Capital follows a concentrated approach to equity investing, typically owning 10 - 15 businesses at a time. We often buy shares in companies that are out of favor on Wall Street due to some sort of operational, optical, or structural problem that we believe is within management’s ability to fix, given enough time. This problem results in a cheap purchase price, and over time we expect our investments to benefit from both operational improvements and a re-rating as the market’s view shifts from pessimism to optimism.