About

I'm the Chief Investment Officer of WSD Capital Management, a firm I founded in 2014 to do one thing: commit capital where change is inevitable.

I grew up between Germany, Turkey and the United States, and the one lesson that survived all three places is that the people in charge of institutions, when given the chance, always outsource accountability. Most of my working life has been an argument with that fact.

I take long positions in companies that are worth more than they appear, usually because some of the people closest to the problem benefit from it continuing. Then I press for the change. Sometimes quietly, and sometimes publicly.

I call this benevolent hostility. The hostility is for the drift, the bloat, the neglect. Never for the people willing to fix it. Activism is a tool, not an identity.

This newsletter is where I write those good fights up, while they're live and after they've resolved.

One thing plainly, because it is the point and not a footnote. My firm has investments in most of what I write about, and I do well when a good company is finally worth what it should be, over years rather than quarters. That is the same outcome its employees and its long-term owners want.

None of what I share is investment advice. It is my reasoning with the numbers next to it.

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