Defining Value

SAM examines businesses to understand their private transaction value and searches for companies selling at or below that value while controlling absolute risk. Each investment possesses a "free or strategic call", which is an event or transaction likely to occur and not currently reflected in the security price, providing an opportunity for outsized returns.

The trade-off between risk and return is critical to SAM's definition of value and its selection of companies for investment. For each company, a target value of that business is established. This target reflects the value of the basic business and the opportunity in the "free or strategic" call identified.