Ahoy Capital’s Core Values underpin all our activities:
Ahoy strives to be the best partner to our constituents. In offering investors high levels of engagement and market knowledge, our highest aspiration is to aid our investors grow in insight as we help them on their journey to being the best investors they can be. At the same time, we offer the underlying fund managers and entrepreneurs with whom we entrust capital the experience-based counsel that can help them flourish and become the best stewards of our Partners’ capital.
Investments in start-ups typically represent the longest-dated, furthest-out-of-the-money options in an investor’s portfolio. Because of the aspirational, world-changing hopes of many entrepreneurs and VCs, valuations can sometimes become frothy. Ahoy Capital’s team, however, is constantly reminded of Buffett’s equation: Opportunity = Value – Perception. As a result, we often cast a jaundiced eye in the direction of frothy company or sector valuations. This value-esque bias paradoxically tends to guide us to frontier technologies and start-ups at their earliest stages.
Unfortunately, many investors are cowed by career risk. Yet following the crowd in search of safety frequently results in average, crowd-like results. Investing thoughtfully, but courageously and striking out on less-travelled paths may indeed conjure the dreaded fear of being wrong and alone but offers the only hope of being right and alone. The Ahoy principals have a long history of investing successfully in new or out of favor ideas in search of differentiated results.
Stewarding too much capital often leads to over-diversification and sub-optimal decision making. Because Ahoy Capital raises intentionally right-sized funds that are grounded in a philosophy of prudent concentration, we aim to free ourselves from the gravitational pull that over-diversification exerts on investment portfolios.