A focused manager for complex situations.
Hideyoshi Capital is an independent investment manager dedicated to special situations and catalyst-driven investing. We run a concentrated book, do our own primary research and publish much of our thinking openly.
How we work
Principles
The alternative thesis
We start from what the market already believes, then build the case it is not pricing. A contrarian view only counts when the evidence supports it and a catalyst can prove it.
Expression is part of the thesis
The same view can be owned as stock, options, a pair or a spread. We choose the structure that fits the catalyst, its timing and the payoff we expect, not the one that is most familiar.
Catalysts, not constant exposure
We express momentum and emerging themes through defined catalysts rather than holding them through every cycle. We take risk into an event and reduce it once the event has played out.
A kill switch on every position
Each idea comes with measurable triggers that tell us it is wrong. When one is hit, we exit or restructure rather than wait.
Open research
Why we publish
Writing forces clarity. Publishing our frameworks, letters and selected situation notes lets current and prospective partners judge how we think before they ever see a pitch book.