Monetary Matters with Jack Farley How This Value Investor Beat the Market and Grew His Hedge Fund | Yaron Naymark | 1 Main Capital
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Dec 17, 2025 
Yaron Naymark, founder of the concentrated hedge fund 1 Main Capital, shares his journey from launching with $1M to achieving $80M AUM. He discusses the significance of transparent communication with investors and how a strategic $20M investment from Cannell Capital accelerated growth. Yaron explains his Buffett-style investment philosophy, emphasizing concentration and risk management. He reflects on the challenges of scaling a fund and the importance of aligning incentives with institutional investors, offering valuable insights into the hedge fund world.
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Humble Launch, Eight-Year Build
- Yaron started One Main Capital in 2018 with just over $1 million, mostly his own capital and $200k from colleagues.
- Over eight years he grew it to about $80M AUM by focusing on performance and public communication of ideas.
Performance Plus Public Voice Scales AUM
- Strong performance in 2019–2021 produced both profits and credibility that attracted inflows.
- Public letters, podcasts, and Twitter amplified his track record and led investors to follow his ideas.
Nearly Quitting During 2022 Drawdown
- In mid-2022 a large potential $100M investor fell through during a drawdown while Yaron had major personal expenses.
- He considered other job offers but stuck with the fund and recovered performance into 2023.