Note
Risk is a story you tell yourself
Quantifies when it can. Names when it can’t. The goal is not to eliminate risk but to price it.
Long-term, research-driven capital allocation
Disciplined investing. Quietly compounding.
Lacerta Capital is an investment firm built around rigorous fundamental research, thoughtful risk management, and the patience to let good decisions mature. We prefer clarity over noise and process over prediction.
Institutional rigor
Patient capital
Risk-aware execution
About Lacerta
Lacerta is Latin for “lizard” — not because we’re reptiles, but because we like the metaphor: patient, observant, and fast only when it matters.
Principled
We anchor decisions in evidence, incentives, and probabilities. Narratives are fun; they are not an investment process.
Independent
We aim to be right, not popular. That means uncomfortable questions, slow thinking, and selective action.
Aligned
We think like owners. The goal is resilient compounding, not theatrical quarterly performance.
What we do, in one sentence
We allocate capital to a small number of high-quality opportunities where risk is intelligible and value is mispriced.
Our Approach
A calm process for a chaotic world: build conviction through research, manage risk through structure, and act when the odds are favorable.
01
Research
Business quality, competitive dynamics, unit economics, and management incentives. If it can’t be explained cleanly, it’s probably not clean.
02
Valuation
We triangulate value using scenario analysis and sensitivity work. We don’t need precision; we need margin of safety.
03
Risk & construction
Position sizing, correlations, liquidity, and downside pathways. The biggest risk is often the one you’ve normalized.
Decision discipline
Pre-mortems, checklists, and explicit triggers. We treat uncertainty as a variable, not a mood.
Time as an edge
We can hold through volatility when the thesis is intact. Time is a weapon if your process is real.
Continuous learning
Post-analysis on wins and losses. Reality is the ultimate auditor; we prefer to be on speaking terms with it.
Strategies
We adapt tools to opportunity, not the other way around. Below are representative focus areas.
Public equities
High-quality businesses with durable cash flows and asymmetry between price and value.
Quality
Compounding
Selective
Special situations
Complexity-driven mispricings, restructuring, or corporate actions where the work is the edge.
Event-driven
Structure
Catalysts
Private opportunities
Selective partnerships where governance, alignment, and duration justify illiquidity.
Partnership
Governance
Duration
Style drift is expensive.
We keep a consistent philosophy and vary only tactics. Process protects you when markets get theatrical.
Insights
Short notes on what we’re learning. No hype. Mostly humility.
Note
Time horizons are competitive moats
Many edges are just “not caring about the next two weeks.” Patience is rare because it is uncomfortable.
Note
Clarity beats complexity
We’ll take a simple thesis with tight logic over a complicated one with “trust me” hidden in the middle.
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