Yaron Naymark on His Investment Philosophy, Highest-Conviction Ideas

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Oct 13, 2025

Yaron Naymark, founder and portfolio manager of 1 Main Capital, shares his insights on concentrated investments in high-quality businesses. He reveals his unique investment philosophy, focusing on quality momentum over falling knives. Yaron contrasts the current market's weak consumer trends with the strength of AI-driven sectors, discussing how different businesses will be impacted. He outlines his systematic approach to evaluating investments and shares his high-conviction ideas, including IWG and Radiant Logistics, while emphasizing the importance of valuation and insider alignment.

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INSIGHT

Choosing To Practice His Own Craft

Yaron left established firms to practice portfolio management his own way and take risk while young.
He wanted to ‘‘paint his own painting’’ and learn by doing instead of only critiquing others.

INSIGHT

GARP Over Turnaround Speculation

Yaron prefers buying proven businesses that have derated despite execution rather than cheap turnarounds.
He seeks GARP: growth at a reasonable price, not bets reliant solely on multiple expansion.

ADVICE

Decide Behavior Before Buying

Know what you own and how you'll behave during drawdowns before you buy.
Maintain conviction based on sound analysis but be humble and change your mind if facts change.

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In this episode, host Elliot Turner welcomes Yaron Naymark, founder and Portfolio Manager of 1 Main Capital. Yaron shares his origin story as a hedge fund manager, discusses his investment philosophy, assesses the current market environment, and dives into his highest-conviction and newest ideas.

Enjoy the conversation!

The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.

About the Guest:

Yaron Naymark is the founder and portfolio manager of 1 Main Capital, a boutique investment firm founded in 2018. 1 Main Capital makes concentrated investments in high-quality, reasonably valued businesses with long reinvestment runways and in special situations that are experiencing a temporary dislocation or undergoing an element of change that will cause investors to revalue an investment in the near term. Prior to founding 1 Main Capital, Yaron accumulated more than a decade of investing experience at multibillion-dollar, value-oriented public and private equity firms. Yaron is a South Florida native, a lover of the outdoors, and currently lives in Connecticut with his wife, two children, and dog.

About the Co-Hosts:

Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.

John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.