Curtis Macnguyen started Ivory Capital in 1998 after working at Siegler, Collery & Co. He returned 11.8% annually after fees between 1998 and early 2009, vs. -0.5% for the S&P 500. He likes to invest in companies that are trading well below their intrinsic value and short the ones that are trading well above it. He looks for mispriced securities with at least 30% margin of safety that have significant catalysts. Macnguyen believes “a bargain that stays a bargain is not a bargain”. He is shorting not only as a hedge buy also as a money maker. Ivory Capital is usually 60-80% long and 30-50% short, so net exposure is around 30%.