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What we do
Iron Condor Capital is 100% employee-owned and focused on active investment management.
Many Iron Condor employees hold an ownership stake in the firm—and there is no majority shareholder.
Our independence keeps us focused on our primary goal of delivering long-term results. It’s also central to who we are and how we operate.
Our independence is at the root of our culture, our philosophy and our process.
Distinguishing Characteristics include:
- Experienced team of portfolio managers who are also analysts
- Invest with a long-term perspective
- Focus on companies with strong business profiles and sustainable competitive advantages and/or companies undergoing material change
- Target companies trading below their long-term intrinsic value
Our Manifesto
We purchase businesses at what we believe to be reasonable discounts to a rational assessment of intrinsic value.
We seek to invest in companies with corporate managers who we believe can allocate capital in ways that benefit long-term minority shareholders.
We are geographically agnostic, and do not target a pre-defined regional exposure.
Our search process for new investments is largely qualitative, since the structural competitive advantages that we prize cannot generally be found via quantitative screens.
Our investment universe consists only of businesses with economic moats — such as high switching costs, network effects, and scale advantages — that insulate high-returning companies from competition.
This filter naturally leads us to focus more time on some industries than others, since certain business models enjoy more favorable structural economics.
Truly great businesses are few and far between, so we spend our time fishing in well-stocked ponds, rather than casting our lures in dried-up streams.
Economic moats are the foundation of our investment process, but moats do not create shareholder value in a vacuum. Reinvestment opportunities maximize the value of a competitive advantage, and capital allocation links business value and shareholder value.
Our ideal investment combines all three elements — a moat to insulate the business from competition, reinvestment opportunities to generate value-accretive growth, and superior capital allocation to ensure that shareholders enjoy the fruits of increasing business value.
Of course, a great business is not a great investment if its valuation already reflects its full future potential. Our guiding principles when it comes to valuation are twofold.
First, we believe it is better to be approximately right than precisely wrong, and so we work hard to avoid the trap of false precision.
Second, we believe that valuation is a double-edged sword — maximizing one’s margin of safety at purchase must be balanced with minimizing the opportunity cost of not owning a business with the potential to compound at high rates for a long period of time.
Our core investment philosophy is straightforward: Earnings growth drives stock prices over the long term.
We believe investing in high-quality, growing businesses leads to superior risk-adjusted returns.
Our long-term perspective allows us to look past short-term volatility.
We trust our extraordinarily in-depth fundamental research to find companies poised to achieve long-duration growth.