GAME OF DRONES

y diane alter
A Lone Wolf Among Sheepish Money Managers
Intrepid Capital Management: Contrarian and Courageous
Investment styles abound on both Wall
Street and Main Street. Day traders vie for
mere penny gains. Momentum investors
buy what’s going up, believing that
rising stocks will continue to rise. Growth
investors place wagers on equities they
hope will be behind the “next big thing.”
Meanwhile, contrarian investors emphasize
out-of-favor securities with low price-to-earnings
ratios. The contrary camp tends to sell when
most people are buying, and will buy
when most are selling, following the
old Wall Street adage, “what appears
obvious is obviously wrong.” It’s that
kind of divergent thinking that has
placed Intrepid Capital Management
prominently and prestigiously on the
investment world’s highly competitive
map.
Since its founding in 1994, Intrepid
has grown in both presence and
prowess. President Mark F. Travis,
who boasts three decades of financial
experience, is highly respected in the
industry. As a frequent guest on CNBC
and Fox Business News, Travis has also
been featured in “Barron’s,” “Financial
Advisor Magazine” and “Smart
Money.”
“We pride ourselves on
independent thinking,” Travis
told “The Suit.” “We don’t
follow the Wall Street herd.
We’re discerning, deliberate,
disciplined and opportunistic.
All our funds are filled with our
best ideas to provide the best potential value to
our shareholders.”
Indeed, Intrepid’s Small Cap Fund won the
Lipper Award as Best Fund in its category (out
of 266 qualified small cap funds) for three-year
risk adjusted performance in both 2009 and
2010. Providing further evidence of the firm’s
outstanding performance, Travis explained, “We
emerged from 2008 (the Great Recession) virtually
unscathed. Our small cap fund sported a modest
7 percent decline compared to the sector’s average
We differentiate ourselves by managing
concentrated portfolios with low
turnover, seeking absolute returns,
and co-investing with our clients.
40-50 percent fall.”
Travis credits the firm’s disciplined investment
approach, which concentrates on return, risk,
liquidity and relative value. “We place a heavy
focus on free cash flow – a representation that a
company is able to generate cash after shelling
out money to maintain or expand its asset base
– when considering an investment. We seek to
buy only good businesses at good prices, using
detailed fundamental analysis. We don’t chase
performance or buy ‘hot’ stocks. We
remain flexible at all times and don’t
have cash limits. We’ll sit on cash if we
can’t find suitable investments,” Travis
explained.
Intrepid represents a refreshing
change from a large and growing
herd on Wall Street that deems cash
undesirable. It remains at the top of
its game by staying cost competitive,
tax efficient, maintaining open client
communication, employing the best
in the business and always upholding
its integrity. “I tell all my employees it
takes years to earn a stellar reputation
and just seconds to lose it. I lead by
example,” Travis said.
To be sure, sheep are herded.
The road to financial greatness is
led.
www.intrepidcapital.net
THE SUIT MAGAZINE p.61