“A rising tide floats all boats… only when the tide goes out do you discover who’s been swimming naked.”

 This famous quote from renown investor Warren Buffet is especially appropriate in these volatile times. Investors worth their salt tend to perform best relative to peers and benchmarks when the tide goes out. Following the crowd is no recipe for admirable investment performance over the long term. The tide rolled out in 2022 and many were swimming naked. At Ridley Capital, we ignore the daily noise and focus on discovering undervalued investment opportunities through our process-oriented research and due diligence effort, which in time can lead to admirable performance.