Investor Letters

Letters through June 30, 2015

1 letter reporting on the period ending June 30, 2015, in each firm's own reckoning.

Maran Capital Management Founder’s Letter Maran Capital Management sets out a concentrated, value-oriented strategy focused on special situations, wide discounts to intrinsic value, active ownership and cash when high-conviction ideas are scarce. Dan Roller argues that permanent capital loss, rather than volatility or short-term benchmark divergence, is the central risk to avoid. 2Q 2015 —