Douglas Kass

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GC specializes in management of equity, balanced and fixed-income portfolios. The guiding tenet of GC's investment philosophy is risk consciousness in both equity and fixed income portfolio management. They believe their first obligation is the preservation of the future purchasing power of their clients' capital. The investment decision-making process at GC is bottom-up, focusing on fundamental research that begins with intensive accounting validation. They believe the key to successful portfolio management is prompt implementation of investment decisions once due diligence on companies has been conducted. Each portfolio manager has primary responsibility for and knowledge of a group of clients. The firm emphasizes value when analyzing a potential investment, seeking to identify securities trading below their intrinsic worth. When selecting individual securities, GC's risk conscious philosophy is characterized by price sensitivity and the continuing search for the best relative value among securities given prevailing and anticipated trends within the economy and capital markets. When they are less than positive about the equity market, they will periodically use fixed-income securities, convertible issues and cash equivalents as alternatives to common stocks. Generally, their cash position is a residual of investment ideas rather than a conscious effort to time the market. The stocks they purchase tend to exhibit common characteristics, including relatively low p/e ratios, low price-to-book value, high earnings-per-share growth, excess cash flow, solid balance sheets and high ROE. GC's sell decisions are a function of risk versus reward for a particular issue and relates to the degree to which the expectations that supported its original purchase have been realized, in terms of both the company's operating results and the price of its stock in the marketplace. Likewise, the flow of new ideas serves as a natural 'weeding out' process for older holdings that have realized a substantial portion of their potential. A stock may be sold for any of the following reasons: ongoing evaluation of a stock's fundamentals proves disappointing, the stock achieves the firm's price objective or the stock's price increases substantially in a short period, thus making the risk/reward relationship unfavorable. The firm will also sell if alternative investment ideas are deemed more attractive than the least attractive current holding. The portfolio manager/analyst responsible for a specific issue determines when it is appropriate to sell a holding and informs all portfolio managers immediately.

Distributes aluminum and steel products

Acts as Private Equity Fund

Provides educational and tuition services

Functions as a College/University

Provides investment banking services

The Seabreeze Partners Short Fund is a dedicated domestic short fund. Through independent analysis, Seabreeze develops a variant (and negative) view of a company or industry's prospects, their business model and/or a company's quality of earnings. They select short vehicles by seeking a view which differs from the market's prevailing bias. This is based on (1) logic of argument (2) the power of analytical dissection and (3) the rejection of convention and orthodoxy. Seabreeze is a conservative short seller. They maintain a diversified short book and do not employ leverage. Individual equity positions rarely exceed two percent of their assets. Seabreeze avoids illiquid and heavily shorted stocks. Short positions typically include larger sized companies that have capitalization exceeding $7.5 billion. The cornerstone of Seabreeze's approach is the selection of secular investment shorts. Depending on market conditions, they also adopt a short term trading style that isolates fundamental catalysts.

Seurities brokerage firm