Patient capital.
Clear principles.
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Light Water Capital is a private investment firm and family office based in Corydon, Indiana. We manage capital for a select number of clients - carefully, deliberately, and with a long horizon.
Private capital management means we invest our own capital alongside our clients. We focus on public equities and quantitative strategies, building concentrated positions where we have high conviction. We don't chase short-term performance or follow consensus. Our edge comes from patience, rigorous research, and a willingness to wait for the right opportunity.
How we think about capital allocation
Concentration over diversification
We prefer a small number of deeply researched positions over a broad portfolio. When you know what you own and why, less is more.
Quantitative rigor
Every investment thesis is tested against data. We build and maintain our own research infrastructure, including open-source tools like our July Backtester.
Long time horizons
We underwrite investments over years, not quarters. Patient capital earns the premium that impatient capital leaves on the table.
Aligned incentives
We invest our own capital alongside our clients. Our interests are aligned because we bear the same risk and earn the same returns.
Frequently asked questions
What does Light Water Capital do?
Light Water Capital is a private investment firm and family office. We manage capital for a select number of clients, focusing on public equities and quantitative strategies with a long-term investment horizon.
Where is Light Water Capital based?
We are based in Corydon, Indiana. We operate as a private firm and do not maintain public-facing offices.
What is your investment philosophy?
We build concentrated, high-conviction portfolios backed by quantitative research. We prioritize long time horizons, aligned incentives with our clients, and rigorous data-driven analysis over market consensus or short-term performance chasing.
What is The Dispatch?
The Dispatch is our publication where we share notes on the strategies we're working on, the tools we're building, and what's happening inside the firm. It's how we think out loud, on our own terms.
Thinking out loud,
on our own terms.
Notes on the strategies we're working on, markets we're watching, and what's happening inside the firm.