Lembas invests with conviction in high-quality public and late-stage private companies that are temporarily stranded by liquidity-seeking and index-driven capital flows.
Relying on rigorous company-specific and product-focused analysis, we seek to identify and invest in businesses with compounding proprietary advantages that are substantially undervalued relative to their durable intrinsic value. These companies tend to exhibit strong process momentum, significant incremental returns on capital, and untapped potential to reinvest capital.
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What’s in a name?
“Lembas” is the bread that sustains the adventurers in Tolkien’s Lord of the Rings. It is made by a secret craft that the travelers could have learned, had they only the time to stop and study the process. At another level, Tolkien wrote the trilogy as a hidden Catholic allegory, and “lembas” directly translates to “bread of life” in his invented language. We are always seeking to better understand the key details of underlying processes that lead to extraordinary and unexpected outcomes. In doing so, we’re looking for huge intellectual arbitrages that come from changing a perspective and its implicit assumptions.