Despite being the nephew of the venerable Walter Schloss and steering his hedge fund, Arbiter Partners, to a 22 percent net annualized return since its 2001 inception, Paul Isaac remains little known to the investing world. He hasn’t escaped the attention of James Grant, though, who wrote simply in the dedication to his third book: “To Paul Isaac, who knows everything.” While Paul is the first to admit that he doesn’t know “everything,” he was exposed to intelligent investing at a young age. (In addition to Schloss, Isaac’s father was a very successful investor and Max Heine was a frequent dinner guest). Like many value investors, Paul buys stocks that have recently disappointed with prices down significantly. Paul tends to hold these positions for long periods of time and almost all of Arbiter’s gains since inception have been long-term capital gains. At the 2013 Santangel’s Investor Forum, Paul will speak about his brand of long-term and tax-efficient value investing.