Investment Philosophy

At Gray Pine we believe that inefficiencies in the market provide unique opportunities for investors who are willing to do the work to uncover them.

Concentrated portfolios structured with companies we have high conviction in, recognize their worth is not reflective of their price will generate positive returns over the medium to longer term.

Investment Tenets

Valuation intensive, “roll up your sleeves” investors tethered to the following attributes:

Intensive and Focused Research Analysis
Heavily Concentrated
High Conviction/Best Ideas
Flexible Investment mandate with small and micro tilt
Boutique Culture following in the footsteps of the Graham and Dodd Heritage

Our Edge

Companies are real – not just blips on a computer screen. We allocate capital into a business as genuine shareholders.
Holistic knowledge of the companies we invest in. Management, business lines, competitors, cash flows, drivers of productive capital.
Conduct comprehensive valuation analysis to determine what a company is WORTH as opposed to its price.
Combination of fundamental and valuation work enables us to invest in companies with a margin of safety* and a steep discount.