Disciplined. Patient. Principled.
A long-term value investment partnership where the manager invests nearly
100% of his liquid net worth alongside yours
WHAT WE DO
We buy great businesses at bargain prices — and we wait.
Deliverance Capital is an investment partnership that typically invests in only a few great businesses (there is usually not many out there available at bargain prices). The businesses we typically invest in have an uncommon set of characteristics we look for: strong competitive moat, high returns on capital, long-term growth power, and available at a meaningful discount to intrinsic value, so we get the margin of safety we seek.
WHY WE’RE DIFFERENT
Philosophy
We follow a long-term value investing philosophy. We don’t follow conventional wisdom just because it’s conventional. We think for ourselves and rely on our facts and reasoning. We don’t allow the market to instruct us; we instead allow it to serve us.
Fees
Typical management and performance fees have been around 2% and 20%, respectively (e.g. “2 and 20”). We are not typical. Our form and mentality is partnership, with aligned incentives. (The Partnership’s fees and expenses are described in its offering documents.)
The manager has invested nearly all of his liquid net worth in the Partnership – a true partnership.
About The Manager
Oz Escutia is the Founder and Managing Partner of Deliverance Capital, serving as Chief Investment Officer.
Before launching Deliverance Capital, he spent a decade as a corporate accountant. That background gave him something many fund managers don’t have: the ability to read financial statements the way they were meant to be read — not as marketing documents, but as the actual scorecard of a business.
In 2010, he discovered Warren Buffett, and spent the next fifteen years studying everything Mr. Buffett wrote or said about investing — then built Deliverance Capital around similar principles. (Deliverance Capital is not affiliated with, sponsored by, or endorsed by Mr. Buffett.)
Oz holds a B.S. in Accounting from the University of Oregon, magna cum laude. He lives in the Portland area with his wife and children. Nearly 100% of his family’s liquid net worth is invested in the Partnership.
“I can’t promise results. But I can show you my commitment — my wife, our children, and I have virtually our entire liquid net worth invested in this partnership, right alongside yours.”
How We Think
We buy businesses, not stock symbols. In other words, we think like business owners rather than short-term traders.
We buy businesses with a durable competitive advantage when they are priced at a real discount to their intrinsic value. There are not many businesses that fit these criteria and, thus, we tend to have a concentrated portfolio. But contrary to conventional “wisdom,” we believe it is advantageous to have a concentrated portfolio – particularly of great businesses. The greatest investors, by definition, deviate from the norm.
As business owners, we think long term. We ignore short-term price movements, other than to take advantage of them (e.g. buying when prices are low and selling when prices are high). We do not equate risk with price volatility. We define risk as permanent capital loss; avoiding this is our primary objective and is essential to every decision. Our second objective is to earn above-average (relative) returns over the long term.
The investment manager’s temperament is not typical. Thinking with logic and reason – even if it means going against the crowd – is how we think.
When the market isn't giving us bargains, we don't sit idle
There are stretches — sometimes long ones — when great businesses simply aren’t available at prices that meet our standards. Rather than lower our standards or chase overvalued stocks, we put our capital to work in a different way.
We selectively invest in merger arbitrage opportunities: situations where one business has agreed to acquire another at a specific price, but the target’s stock still trades at a discount to that price. We capture that spread. These positions are short-duration, generally uncorrelated to market direction, and subject to our criteria: definitive agreements are in place and, in our assessment, they offer attractive risk-adjusted returns.
It’s not our core strategy. It’s what we do to stay productive while we wait for the next great long-term opportunity.
NEXT STEPS
Interested in learning more?
Detailed fund terms, offering documents, and performance information may be available after an introductory conversation.
Oz Escutia | Founder & Managing Partner
5200 SW Meadows Road, Suite 150
Lake Oswego, OR 97035
503-726-5989
oz@deliverancecapitalmgmt.com
deliverancecapitalmgmt.com
NEXT STEPS
Interested in learning more?
Detailed fund terms, offering documents, and performance information may be available after an introductory conversation.
Oz Escutia | Founder & Managing Partner
5200 SW Meadows Road, Suite 150
Lake Oswego, OR 97035
503-726-5989
oz@deliverancecapitalmgmt.com
deliverancecapitalmgmt.com