Founder & Portfolio Manager at Plural Investing LLC (www.pluralinvesting.com.)Founder & Author at the Hidden Gems Investing Substack (www.hiddengemsinvesting.com)We are value investors. We invest in businesses that we believe are worth substantially more than the price they are trading at. We think of risk primarily as the chance of a permanent capital loss over a five-year horizon and not the temporary drawdowns in stock prices that occur from time to time. We manage this risk by only investing in businesses trading at a substantial discount to a conservatively calculated intrinsic value and that we would be happy to own if the market was to shut for five years. We therefore welcome stock price volatility as it often presents opportunities to invest further at even better prices. When such opportunities cannot be found we hold cash instead.The majority of our capital is typically allocated to our six to eight best investments. These are usually businesses which we estimate to have intrinsic values at least double their trading prices and where we think the risk of a permanent loss is minimal. We look for qualities such as attractive business economics, management teams with strong customer focus, capital allocation and integrity, and cultures which support long term value creation. Our businesses may be ‘hidden gems’ because they are small, receive little coverage, listed on under- researched exchanges, operating in unpopular industries, or offer terrific opportunities beyond short term concerns. We develop a research edge over other investors by doing extensive primary research and utilizing quantitative tools. This edge can be significant when we are competing mostly against retail investors or the small positions of larger institutions, which is why we deliberately fish in these waters.