How We Are Different

Dark Horse launched in 2018 as a vehicle to capitalize on the inefficiencies created by the growth of mega-billion dollar investment managers.
The mega-managers are forced to focus on the largest investment opportunities, creating pricing inefficiencies in smaller opportunities due to the reduced level of competition.
Dark Horse proactively seeks to compound value throughout the entire business cycle by focusing on under the radar opportunities in inefficient markets.

Proactively identify structural change to highlight investment themes and opportunities.
Focus on capitalizing on misunderstood companies subject to such change.
Intrinsic value discovery based on levered free cash flow forms the foundation of any investment.
The goal is to discover cash on sale.

Target the most asymmetric investment opportunity regardless of the security.
Focus on small and mid-cap opportunities that are not followed by larger funds.
No bureaucracy - fully researched investment opportunities can be executed quickly.

Post-mortem evaluation to determine whether success was caused by skill or luck.
Why did we win? Why did we lose? Were we right to pass?
Understanding the actual drivers of a win or a loss enable the ability to create and continuously optimize a successful investment process.

Approach every day as a competition.
A Dark Horse win is a loss for the counterparty; show class and humility - paths will cross again.