Investments we have made

Cardtronics, Inc. (CATM)

Aggressive Accounting and Secular Decline Drive 40-70% Downside

BofI Holding, Inc. (BOFI)

Higher Rates Will Compress Margins for Bank Priced at 3.5x Book Value

JGWPT Holdings Inc. (JGW)

Dominant Franchise in a Lucrative Niche Has 75% Upside

Unilife Corporation (UNIS)

A History of Missed Deadlines, Aggressive Cash Burn, and Vague Supply Agreements Suggest...

Lindsay Corporation (LNN)

Irrigating the Emerging Markets With A Modest Valuation

Prime Office REIT-AG (PMO.DE)

September 24th Merger Vote Combined with Shareholder Activism Should Unlock Value

Sourcefire, Inc. (FIRE)

Short-Lived Upsell Opportunity has Concealed Decelerating Growth, Slowing Customer Adds,...

EZchip Semiconductor Ltd.

Immediate Competitive Threats, Customer Defections and Unsustainable Valuation


Dominant Do-It-Yourself Moving Company with Insurance and Real Estate Assets Has 40-60% ...

ServiceNow, Inc. (NOW)

Decelerating Growth, Limited Market Size Point to Large Downside

ParkerVision, Inc.

20-Year Track Record of Value Destruction

Mellanox Technologies

End of Romley Upgrade Signals Steep Downside