Value Investments

This category consists of “value” investments in securities that we believe are underpriced relative to their intrinsic or fundamental value or relative to other securities or indices that may provide a hedge, or which are expected to appreciate in value due to a catalyzing event or a change in circumstances, including regulatory or legislative change, changing business models, competition, significant corporate events such as spin-offs, recapitalizations, litigation events, strategic realignments and other major changes. Our value investments typically consist of common stock or other equity securities. We frequently seek to hedge our equity investments with short or long positions in individual company stocks or stock market indices or other derivative instruments.