Stone Street Advisors LLC

stone street advisors: independent, unbiased, actionable investment research "a buy-side approach to sell-side investment research." at the core of our business, we identify and develop high-conviction, high-return fundamental value, deep value, and special situation (m&a, activism, restructuring, recapitalization) opportunities on both the long and short side. with a "go-anywhere" approach, we are industry, geography, company size, lifecycle stage, and capital structure agnostic, though historically we've found much opportunity in the small/mid-cap equity space. from inception starting in 2011 through 9/30/2015, a "buy & hold" portfolio of our long and short stock picks has delivered an annual return of 13.7% v. -2.4% for a matched russell 2000 long/short benchmark. the average return on our long picks is 52.7%, while our short picks have returned 26.7%. we operate differently than traditional research organizations. we do not prognosticate on daily or weekly market movements,