Research and Philosophy
Verdad is focused on deducing the universal laws that govern the way markets work and endeavors to translate those laws into great portfolios for our investors.
Our research and approach to investing is focused on using rigorous logic paired with testing to understand which investment rationales are universally applicable. We are in search of principles, not case studies; universal knowledge, not anecdotes. That is why we use long-term historical market data for as many different markets as possible in conducting our research. We believe that we are far more likely to find the simple universal laws in the largest possible samples than in small and non-representative samples often quoted in investment firm marketing materials—where the powers of randomness might yield sophisms, spurious relationships, and false truths.
For Verdad and our investors, only the purest of intellectual approaches and longevity of persistence in the face of intense attempts at refutation will suffice.
Below is a collection of our best thoughts and insights so you can learn more.
Featured Thinking
Through in-depth empirical analysis, Verdad research focuses on uncovering the intellectual truths that underlie financial markets. Click below to see some of our best thinking and insights.
Verdad Weekly Research
Verdad Weekly Research is our flagship research product. Each week we endeavor to provide a compelling analysis on a topic relevant to our clients. Click below to access our research library.
Strategies
Verdad strategies combine rules-based principles with common sense and logic to systematically construct portfolios with financial characteristics that we believe can drive excess returns over time.
Equities
Verdad Equity specializes in leveraged small value stocks with quantitative characteristics similar to the high performing private equity deals of the 1980s and 1990s. Our portfolios aim to offer systematic exposure to the empirical drivers of private equity’s performance while avoiding the high-prices and illiquidity inherent in private markets today.
Credit
Verdad Credit provides a defensive alternative to public equity investing by systematically constructing levered portfolios of high quality sub-investment-grade bonds that trade at discounts relative to their fundamentals. We believe that this approach can offer returns in-line with long-term equity market averages while exhibiting lower volatility than the broader high-yield market.
Opportunities
Verdad Opportunities systematically constructs portfolios of leveraged small value public equities during times of economic crisis, when price dislocations are at extreme levels and we believe the potential for outsized returns is highest. We believe that our rigorous rules-based approach provides the discipline and structure required to take advantage of these opportunities.
Global Multi-Strategy
Verdad Global Multi-Strategy is designed to maximize returns and minimize drawdowns across macroeconomic environments through a contrarian approach to the business cycle, globally. The strategy tactically shifts its asset allocation targets driven by the probable state of global macroeconomic trends and seeks countercyclical return streams that compliment traditional long-only portfolio holdings.
Team
Dan Rasmussen
Founder, Portfolio Manager
Nick Schmitz
Partner, Japan Portfolio Manager
Brian Chingono
Partner, Director of Quantitative Research & Europe Portfolio Manager
Greg Obenshain
Partner, Director of Credit
Graham Infinger
Partner, Director of Strategy & Head of Client Partnerships
Sam Hanson, phd
Consulting Economist
News and Recognition
Verdad is humbled to have been recognized in many major media outlets internationally. Below is a collection of media about our work and approach.
Careers
In addition to periodically hiring for full-time opportunities, Verdad has been running our summer internship program since 2014, hosting over 50 college students and MBAs for paid internships at our firm. The centerpiece of the Verdad summer internship is a daily seminar-style class taught by the partners at the firm. This class covers a wide range of material, from academic finance to accounting to corporate strategy and, of course, Verdad’s own investment theories. If you enjoy an entrepreneurial environment full of intellectual debate, then you will love interning at Verdad.
We seek diversified educational backgrounds and encourage applicants from all academic disciplines to apply.
