Santangel's Review

Eli Samaha: Newtyn Management

Eli Samaha reads financial statements back to front instead of front to back. He relishes digging into fine print that most wouldn’t have the patience to read, but such attention to detail isn’t idle curiosity—it’s the crux of an investing style Eli has honed carefully through a decade of experience at top-tier firms like GSC Group and KPS Capital Partners, and it’s one of the secrets behind Newtyn Management’s successes. Since joining Newtyn in 2012, Eli has applied his mastery of minutiae to discover value in the gap between market perceptions and economic reality. When other investors fled Greek debt, for example, Eli’s scrutiny of a Greek telecom allowed Newtyn to snap up its otherwise solid bonds for a steep discount. And when other investors were wowed by the fat dividends and custom earnings measures of energy MLPs, Eli saw through their gauzy metrics and led Newtyn to score big on various short positions. Now a partner at Newtyn, Eli shows you can’t beat the market just by being different—you also have to be detailed. At the 2017 Santangel’s Investor Forum, he will discuss his “mischaracterized companies” framework and apply it to a current idea.