West Elk Capital, LLC1 was founded in 2017, drawing on the collective 30 years investment experience of our principals, Jason Joffe and Morgan Duke. We manage a concentrated portfolio of well-researched, small public and private companies. We look for businesses that we believe have large addressable markets, recurring or repeating revenue models with a stable customer base, differentiation that can provide a long-term sustainable competitive advantage, and an excellent return on capital at scale. We prefer simple capital structures and growth plans that minimize dilution. We believe strongly in the power of incentives and seek to invest only with management teams that think and act like owners. We focus on smaller companies because the very best of them have the potential to become much larger over time, and yet today they may be overlooked, misunderstood, and mispriced by the market.
In our experience, the best odds of earning an attractive investment return with the least risk come with a long-term investment orientation. We believe great companies are built through hard work and commitment put in over years, and the most predictable value creation follows this timeline. We work to relentlessly hone our investment strategy to mirror this belief. When considering a prospective investment, we generally contemplate multi-year ownership, which drives us to conduct deep, bottom-up research. Through this work, we build the necessary conviction to invest for the long term. Over the course of our due diligence we aim to develop a well-rounded perspective on the company’s market position, strategy, governance, and ultimately its long-term prospects.
The structure of our investment partnership has been intentionally engineered to advance a long-term mindset, featuring a private equity style lock-up alongside the commitments made by our principals, who themselves represent a significant portion of the capital invested in West Elk Partners, LP.
Although we do substantial work to get to know our portfolio companies, we generally do not become insiders or take an active role. Instead, we seek to build our positions primarily through purchases on the open market, although we also participate in block transactions and straightforward private placements.
1. The use of "we" or "us" is used interchangeably with "West Elk Capital, LLC."
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Morgan A. Duke
Morgan co-founded the General Partner and Advisor in 2017. Previously, Morgan founded Luberon Capital and was a Partner at Kinderhook Partners. Both Luberon and Kinderhook focused on small-cap public company investing. Prior to this, Morgan was a strategy consultant with the Monitor Group, where he led projects in North America and Europe across a range of industries, including telecommunications, media and healthcare. Morgan has served as a public company director and has been an advisor to numerous not for profit organizations.
Morgan received an M.B.A. from Harvard Business School and a B.A. in International Relations and Russian Studies from Johns Hopkins University.
Jason S. Joffe, CFA
Jason co-founded the General Partner and Advisor in 2017. Jason was formerly a Managing Director at Morgan Stanley. During his seventeen-year career prior to founding West Elk, he managed client portfolios on a discretionary basis and led a wealth advisory practice. Since 2014, Jason has managed a strategy focused on micro-cap public equities. Jason is also the Managing Partner at Inlight Wealth Management, LLC, which he founded in 2017.
Jason holds the Chartered Financial Analyst® designation. He graduated Skidmore College, Cum Laude, with a B.A. in Biology.