The Booth-Laird Investment Partnership, formed in 2008 by Jonathan Booth and Kevin Laird, pools investors’ money to invest as a single portfolio. We are focused on long-term capital growth through in-depth research, disciplined investing, and strong relationships with business ventures once an investment is made. We personally research all potential investments and spend a significant amount of time doing so before espousing a stock or a business venture. We also adhere rigidly to the partnership’s investing principles. Finally, consistent with our hands-on management, we strive to build lasting relationships with both the partnership’s investors and the management of the companies deemed worthy of investment. All three aspects of this approach are proven requisites for long-term success.
We focus on identifying securities that are misunderstood, obscure, or mispriced due to uncertainty or fear, conduct significant due diligence to determine if those obstacles can be overcome. Only when we determine that the investment is reasonable and has potential for growth, and that we can invest at a meaningful discount to our internally determined valuation, do we commit.
The best and most reliable way to earn large returns over time is to find stocks that are out of favor or are unknown because those stocks likely will have the lowest prices relative to their valuations. This opportunity exists because the vast majority of investors are short-term focused, hate uncertainty, and tend to move with the crowd. We are the exact opposite.
Our research affords us confidence in our conclusions regarding an investment. As a result, we can more easily maintain the patience and conviction necessary to realize material long-term results. Patience and conviction allow us to buy when others panic and to sell when others become greedy.
To further maximize our return, we maintain a concentrated portfolio comprised of 10-20 positions. Focusing on fewer investments allows us to know more about each investment. We can more easily keep track of and intimately understand 10-20 stocks than we can 50 stocks. Further, we try to develop and maintain relationships with companies in which we invest, particularly the smaller stocks, staying on top of publically-released information as it comes out. Naturally, the better we understand an investment and its management, the more accurately we can determine its valuation, allowing us to allocate more capital to the best investments.
NOTE: We can only respond to inquiries from or transact business with a person in a state in which we are registered or are exempt from registration.