Matthew Sweeney
Laughing Water Capital
Concentrated small caps (8 to 20 names) working through a fixable problem, held 3 to 5 years.
Best for Small-cap investors who buy good businesses in the middle of a fixable problem.
Why I read Matthew
Matt runs every idea through four questions before he looks at price, and the last one is "what happens when something goes wrong?" His letters show that discipline in the quarters when it hurts.
Links go to the firm's own site unless marked "via", which means a public copy of a letter the firm no longer hosts. Official letters page ↗