Brian Klein, cofounder of Steelhead Partners, hasn’t spoken publicly in more than 15 years. He decided to participate in the 2013 Santangel’s Investor Forum, in part, because he believes that Steelhead’s long/short strategy has one of the best reward-to-risk ratios since its inception in 1997. Steelhead, which has just over $1 billion in assets under management, is located in Bellevue, Washington, a small city far from Wall Street that Brian believes fosters a very independent mindset for the firm. In fact, many of Steelhead’s investors say that the firm’s positions are among the most unique of all their hedge fund investments. The diversity of Steelhead’s positions also stems from an investment strategy that focuses on companies with “a lot of hair on them.” Steelhead’s ideal position is one in which the stock price suggests a company is broken and heading to zero, but where deep fundamental research reveals an alternative reality. Though rare, these highly inefficient situations have allowed Steelhead to make what the firm believes to be low risk investments in companies that most market participants overlook. At the Santangel’s Investor Forum, Brian will share an investment that exemplifies why he believes risk is often the least when it appears the greatest and the greatest when it appears the least.