This is an interview with Chris DeMuth Jr. of hedge fund Rangeley Capital from March 2020, the peak of coronavirus market panic.
Chris is a partner at New Canaan, CT hedge fund Rangeley Capital, where he primarily invests in event-driven, value-oriented opportunities. He also hosts a SeekingAlpha Marketplace community called Sifting the World, where he publishes research on “mispriced bets,” with a skew towards value investing. Some examples include odd-lot going-private transactions, merger arbitrage, funds trading at discounts to NAV, etc.
I asked Chris about how he’s finding opportunities among the massive volatility in the March 2020 financial markets, as well as how to “sift the world,” in a general sense, within and without the markets.
Links Mentioned:
BWIC (bids wanted in competition process) – Chris says one of his favorite investing processes in 2008 was BWIC, which involved getting calls from portfolio managers or broker-dealers looking to sell a basket of securities. If you were a bit confused by the process like I was, here’s some links where you can get more insight:
- Investopedia: https://www.investopedia.com/terms/b/…
- Matt Levine’s Money Stuff talks about BWIC: https://www.bloomberg.com/opinion/art…
Other Links:
- Chris DeMuth Jr. on SeekingAlpha: https://seekingalpha.com/author/chris…
Chris DeMuth Jr. on SeekingAlpha: https://seekingalpha.com/author/chris… Chris DeMuth Jr. on the SeekingAlpha Marketplace Roundtable Podcast: https://seekingalpha.com/article/4233… Chris DeMuth Jr. and Rangeley portfolio manager Andrew Walker interviewed during the Hedgeye Investing Summit: https://www.youtube.com/watch?v=-AdR9… Chris DeMuth Jr. interviewed on the MicroCap Investing podcast: https://www.stitcher.com/podcast/micr…
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