Doosan
LongSept 2025
A diversified Korean holding company at a ~60% NAV discount amid a governance controversy, mispriced by fear with a shareholder-return catalyst building.
+189%UNWAVERING CAPITAL
A new generation of fundamental equity investing in the AI era.
We invest in the future on both sides of the book: long the technologies here to stay, aggressively short the ones that will not survive them. That flexibility is where excess return comes from, and it is what most funds can no longer do.
This site is intended for accredited and qualified investors.
Variant Philosophy
Markets are efficient about what everyone can see. They are hopeless about what people are afraid to look at.
Fear and neglect open a gap between price and value: a holding company written down for a governance scandal, a memory business dismissed at the bottom of its cycle, a world-class chipmaker sold off on a fear unrelated to its earnings. That gap is the opportunity. Finding it takes independence; holding it takes patience; surviving it takes a margin of safety on every position.
We are opportunistic without apology: no benchmark to hug, no regional quota, no obligation to be invested. We go where the opportunity is, in size when the work justifies it, or not at all.
The Intellectual Foundation
Three investors shaped how we see that gap.
Warren Buffett
on temperament
Be fearful when others are greedy, and greedy when others are fearful. The discipline to buy what the market is fleeing is the source of the opportunity, while a margin of safety is what makes it survivable.
Howard Marks
on being right and different
You cannot do what everyone else does and expect to outperform. Superior returns require second-level thinking: a view that is both non-consensus and correct. We operate only where our analysis diverges from the crowd's.
Charlie Munger
on avoiding error
Invert: study how a thesis fails before betting on how it wins. Before sizing an idea, we pressure-test it against its own destruction through pre-mortems, forensic work, and a latticework of mental models.
Why This Works
Four reasons fear stays mispriced.
01
Backward-looking screens miss it.
A business mid-turnaround looks broken by trailing metrics, creating a durable discount before the numbers catch up.
02
The downside is already priced.
When a name is sold on fear, the bad news is in the price. Floor is the base business; ceiling is what it's worth once the fear clears. Asymmetry by construction.
03
Catalysts re-rate violently.
When the fear resolves through a buyback, a cycle turn, or a governance win, the market compresses years of value into weeks.
04
Large funds can't go there.
Benchmark-bound, coverage-dependent, career-cautious. A concentrated, independent book can.
From Fear to Position
A seven-step process. Bottom-up. Built against bias.
01
Source
Hunt where fear and neglect concentrate: dislocations, controversy, geographies other funds don't cover.
02
Diagnose
Deep fundamental work and a reverse DCF to see exactly what's priced in.
03
Name the variance
For every position we state exactly where our view diverges from consensus, whether on the multiple, earnings, or a catalyst, and quantify the gap. If we can't articulate the variance, we don't have a thesis.
04
Stress-test
Invert the thesis, pre-mortem the loss, run forensic checks and expert calls.
05
Concentrate
Size to conviction. If it can't be defended in detail, it isn't owned.
06
Protect
A margin of safety on every entry and a catalyst to close the gap. Let winners compound.
07
Show the work
Every thesis is written before capital is committed, and every position is published with its entry, exit, holding period, and outcome, including the losers. Investors see the reasoning, not just the result.
How We Find the Edge
Three kinds of edge. At least one on every position.
We pursue three kinds of edge, the enduring taxonomy of fundamental investing, and aim to hold at least one on every position. Forensic rigor is the one we refuse to trade away: it is what allows an opportunistic mandate to stay disciplined.
Informational edge
Cross-border reach.
Trained between Malaysia, Korea, and the U.S., we judge Asian mispricings local investors are too close to see and global funds are too far to reach.
Analytical edge
Forensic rigor, first and last.
The discipline we lean on hardest. Reverse DCFs show exactly what is priced in, backed by quality-of-earnings work, channel checks, and primary expert calls. We interrogate the numbers and the management, never the narrative. No position is sized until the accounting has been taken apart and put back together.
Behavioral edge
Contrarian temperament.
The willingness to stand alone, be uncomfortable, and be wrong before being right. Process against bias is the edge that survives cycles.
Both Sides of the Book
Alpha sits in both tails. We underwrite both.
One question produces alpha on either side of the book: what is the market refusing to look at? On the long side, a good business the crowd has abandoned. On the short side, one the crowd still believes in as its economics are quietly dismantled. Most funds are allowed only one of those answers. We take whichever tail the work points to, and hold none when neither is compelling.
Long
Fear and neglect, priced as permanent
Durable businesses sold on a temporary fear, such as a governance controversy, a cycle trough, a headline unrelated to earnings power. We underwrite the floor first, buy with a margin of safety, and let a catalyst close the gap.
Short
Businesses the future has already priced out
We ask a simple, uncomfortable question: five years from now, which products and workflows will AI have made unnecessary? Consensus still capitalizes those earnings as durable. Terminal-value erosion is slow to appear in trailing numbers and violent when it does. That is where the alpha on the downside sits.
The work is the same discipline inverted: forensic accounting, channel and expert checks, and disciplined sizing with defined risk. Shorts are held to hedge and to compound, never to express a view we cannot defend in detail.
Concentration
Eight to ten names. Nothing owned out of obligation.
The book holds 8–10 positions at any one time, a deliberate ceiling, not a limitation. A hundred-name portfolio can be right about a handful of things and still return the index: the few theses that work are diluted by the ninety held to fill the sheet. We would rather own only our best ideas, in size, and feel every one of them.
01
Conviction gets the capital
Every position competes against the next best idea for the same dollar. If a name is not among the most compelling opportunities we can find, it is not owned. The capital sits in the ones that are.
02
A win has to matter
At 8–10 names, a thesis that re-rates moves the portfolio. Breadth is what quietly converts good research into benchmark performance; concentration is what lets alpha reach the return.
03
Depth is only possible at this size
A small book can be known in detail: every holding underwritten in writing, its downside defined, its catalyst tracked, and each of them open to inspection. Nobody covers a hundred businesses that closely, and the ones who try own most of them on faith.
The Mandate
Unconstrained by design. Opportunistic by choice.
Most mandates spend their edge on constraints: a benchmark to hug, a market cap to stay inside, a beta to hold flat. Each rule quietly removes excess return. Ours removes the rules instead. We go where the mispricing is, long or short, across markets, and hold nothing simply because an index does.
01
Go anywhere
Technology and the industries it is reshaping, mega caps and neglected small caps, developed markets and Asia. The opportunity set is defined by where price has separated from value, not by a style box.
02
Long or short, without a quota
We own the businesses we believe are among the best available at the price and short the ones whose economics are being dismantled. Neither side is run to fill an allocation; exposure is an output of conviction.
03
No forced neutrality
We do not hold beta flat at all times, and we do not carry positions to look balanced against an index. Risk is managed through margin of safety, position sizing, and defined downside, not through constraints that quietly cap excess return.
Flexibility is only an advantage paired with discipline. Being unconstrained is what lets us be selective: we act only on the few businesses we judge to be the best available at the price, or the few whose economics are being dismantled. Everything else is passed on. Cash and patience are positions, not failures of imagination.
27% CAGR since 2014
Compared with 10% for the S&P 500.
23 published theses across 7 countries, held 8–10 names at a time. 121% average alpha.
Personal research track record, not fund performance. Gross, unaudited. Past performance does not guarantee future results.
View the full record →Sample Research
The ability to look where others can't look.
Samsung Electronics
LongDec 2022
The memory business the market had written off at the bottom of its cycle.
+301%TSMC
LongNov 2023
The world's critical foundry, sold off on a fear unrelated to its earnings power.
+322%About
Founded and managed by Sean Lee.
Unwavering Capital is a single-manager investment office. Sean Lee has spent his career between Malaysia, Korea, and the United States, researching businesses the market had stopped looking at closely. The book is concentrated by design: a small number of positions, each defended in writing, each entered with a margin of safety.