Sunriver Management

“You're wrong about 40% of the time in our business if you're doing a good job.”

“One is just purely from a concentration perspective that we are much more comfortable being concentrated on the long side than the short side. We have about 20 longs. Typically, top 10 longs are 60 to 70% of capital. Short side is less than half as concentrate…”

“What we have said is that we probably start to have some liquidity issues on, particularly on a couple of our shorts at around one and a half billion in AUM to stay in our sandbox and generate the kind of returns that we think We can and should generate for LP…”

“So we have a sliding scale management fee, which disincentivizes us to be asset gatherers and keeps us focused on performance. We also have a incentive fee that gets better with time. So the longer you're an investor with us, the better your incentive fee gets…”

“We were exiting some of our shorts, particular structural shorts too early. So we were taking a gain and then the short kept adding alpha even after we had exited. And so the data said, gosh, if we had just, I think we hold our shorts longer than the average h…”

“What I have found over the years is that long alpha generation tends to be a little more smooth and steady, not always, but a little more smooth and steady and short alpha generation tends to be a little more episodic. So there are periods when it just rains s…”

“The short book right now actually has the highest sentiment tracker it's ever had. So it's an unusual setup for us. Usually you have one side of the book with Really good sentiment tracker on the other side, not so good. You know, today we actually have high s…”

“We're roughly on average, low forties, 40% net.”

“At the end of every year, I go through all the big losers in the portfolio, and I try to separate process and outcome as best as I can, and really try and talk to each of the analysts about what I think are process mistakes as distinct from outcome mistakes.”

“A good idea taken to an extreme becomes a bad idea. And I think that's true in life and it's definitely true in investing. As an example I mentioned earlier, people have gone from talking about 20 to 30 times earnings for a good growth company to 20 to 30 time…”

“It really showed that we're adding a lot of value in security selection and a large amount of value in Sizing and really not much value in trading at all. Good news was we weren't destroying value in trading, but we weren't adding a lot of value in trading.”

“We also have an external forensic accounting firm that we work very closely with that helps us in really complicated accounting issues”

“At any given point in time, when I look at, say, for example, the Goldman Sachs VIP list, we'll have maybe one stock in there.”