The ACI Partnership Fund's two basic premises for Commitment are to work for the partners and to earn their deserved trust.
As value investors, we are usually early to the party and any investment our partnership invests in may experience price declines. It is during these periods of apparent unrealized loss that we ask the partners to remain committed to the Partnership’s value approach because turbulent events and bear markets can create long-lasting opportunities for investors. Patience and having a long term view is the value investor’s best friend.
COMMITMENT
To take the step to buy more of a depressed company while the public seems to be jumping ship does provide tremendous anxiety for the investor. It is a step that becomes easier once the investor understands the disconnect between the company’s market value, as reflected in the market price, and that of the company’s intrinsic value. So long as the intrinsic value has not been impaired, or the investment thesis has not changed, the Partnership welcomes this opportunity to increase our ownership in an investment. This is not to say it is wise to catch falling knives, but that understanding the investment, its management, and having a few previous battle scars does provide some legs in this endeavor to find 50¢ dollars and ultimately to be rewarded for this commitment.
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