Ric Dillon, co-founder and CEO of Vela Investment Management, previously led Diamond Hill Investments to acclaim. In this conversation, he shares Vela's unique valuation-centric investment philosophy and collaborative approach. Dillon explains the benefits of long/short strategies and options trading while discussing their iterative research process for idea generation. He underscores the importance of risk management and timing in investing, using a case study on Merck to illustrate key selling strategies, all while looking forward to Vela’s growth and future initiatives.