Stuck positions
What is opportunistic investing?
Buying when an asset’s price has moved well away from what it’s worth, because of forced selling, a rule change, or a structure too complicated for most buyers. It pays investors who are patient and clear about the downside.
We start every deal with the downside: what we lose if we’re wrong. Only when we can live with the worst case do we look at the upside.
Every position has a defined catalyst, a downside we’ve put a number on and a clear way out.