Core Viewpoint - Shri Upadhyaya emphasizes the importance of independent investing, advocating for deep research and personal investment strategies to achieve superior returns [1] Investment Philosophy - The investor believes that true investing edge is personal, derived from independent thinking and skepticism [1] - Shri's approach includes backing Buy and Sell calls with personal capital, enhancing the clarity and accountability of his investment decisions [1] Investment Focus - Coverage typically includes under-the-radar small caps with asymmetric upside potential [1] - Focus on low-beta stocks that have the potential to outperform or grow significantly [1] - A clear avoidance of poor risk-reward setups, regardless of their popularity [1] Short Selling Strategy - Pairs long investment ideas with targeted short positions, not merely as a hedge but as a strategic advantage [1] - Highlights that dogmatic hedging can be costly, but mispriced risks in the market present investment opportunities [1] - The best-case scenario for shorts is significant payoffs during market downturns, while the worst-case scenario involves offsets that protect the long book [1] Performance Improvement - This investment approach has contributed to smoothing volatility and steadily improving long-term Compound Annual Growth Rate (CAGR) [1]

Core Insights - CI Global Asset Management (CI GAM) has agreed to acquire Forge First Asset Management, an alternative asset manager based in Toronto, with Forge First managing approximately $1 billion in assets [1] - The acquisition is expected to enhance CI GAM's capabilities in the alternative investment space, particularly in liquid alternatives and private markets funds [5] Company Overview - Forge First Asset Management employs a "long-short" investment strategy focused on North American securities, aiming to balance asset protection and capital enhancement [2] - The leadership team at Forge First includes co-founders Andrew McCreath (CEO) and Fatima Hirani (COO and CFO), with Keenan Murray serving as CIO responsible for portfolio construction and investment strategies [2] Strategic Rationale - Andrew McCreath emphasized that CI GAM is the ideal partner for Forge First's growth, leveraging CI GAM's scale and distribution capabilities to increase exposure to advisors, family offices, and institutional investors across Canada [3] - The collaboration is expected to enhance Forge First's investment strategies through CI GAM's expertise and research resources, positioning both firms to capture a larger share of the growing alternative asset class [4] Acquisition Details - The acquisition is anticipated to be completed in the last quarter of 2025, subject to regulatory approvals and standard closing conditions [4] - Post-acquisition, Forge First will continue to operate as an independent entity, retaining its brand name [4] Market Context - CI GAM's president and CIO, Marc-André Lewis, noted the increasing investor interest in alternative investments, highlighting the strategic importance of the Forge First acquisition to expand CI GAM's offerings in this segment [5] - The acquisition follows CI Financial's recent transition to private ownership after being acquired by Mubadala Capital, valuing CI Financial at approximately C$4.7 billion (around $3.41 billion) [6]