Plural Investing, LLC is an investment firm based in New York. We are global and long term focused value investors who believe that in-depth research can lead to the discovery of businesses that are ‘hidden gems’.

We invest in businesses that we believe are worth substantially more than the price they are trading at. We think of risk primarily as the chance of a permanent capital loss over a five-year horizon and not the temporary drawdowns in stock prices that occur from time to time. We manage this risk by only investing in businesses trading at a substantial discount to a conservatively calculated intrinsic value and that we would be happy to own if the market was to shut for five years. We therefore welcome stock price volatility as it often presents opportunities to invest further at even better prices. When such opportunities cannot be found we hold cash instead.

The majority of our capital is typically allocated to our six to eight best investments. We look for qualities such as attractive business economics and management teams who possess and foster a culture of high integrity, customer focus, and prudent capital allocation. Our businesses may be ‘hidden gems’ because they are small, receive little coverage, listed on under-researched exchanges, operating in unpopular industries, or offer terrific opportunities beyond short term concerns. We develop a research edge over other investors by doing extensive primary research and utilizing quantitative tools. This edge can be significant when we are competing mostly against retail investors or the small positions of larger institutions, which is why we deliberately fish in those waters.

Chris Waller is the Founder and Portfolio Manager of Plural Investing, LLC. Prior to founding Plural, Chris worked in London at Goldman Sachs Asset Management. Chris joined in 2013 and worked as a member of the investment team for the Global and International Small Cap equity funds. He has an MBA from the Value Investing program at Columbia Business School and BA in Economics and Management from Oxford University.

Plural Partners Fund was launched in 2020 with the goal of finding a select group of ‘hidden gems’ in the small cap universe. Success for the fund over five years is measured by the performance of the portfolio versus global small cap indices, rather than how many clients or assets are under management. The investment approach and Chris’ time are allocated accordingly.