We are value investors.

Our name means a lot to us.  We believe that value investing works because investing in quality assets at a discount to our assessment of their intrinsic value can provide the opportunity to earn attractive returns over time. This principle is the core of each investment decision we make. 

Every security is a financial instrument that represents some type of claim against, or interest in, underlying assets.  It is the work of every value investor to understand what those assets are, assess what they may be worth, and evaluate the price being paid for that claim or interest.

We are value investors because we have conviction in the underlying logic of the approach.  We have also had the benefit of applying this discipline through some extraordinary – and extraordinarily different – market periods. 

Value investing is not always easy, and is not always in fashion.  It is a straightforward proposition, but it requires both a high level of expertise and steadfast discipline to apply it across different economic and market climates.

At ValueWorks we have deployed this approach through periods of significant investor enthusiasm and euphoria, through periods of financial crisis and panic, and even through moments of calm and investor ennui.  Through it all, we have remained committed to this discipline, and continue to draw the simple conclusion reflection in our name. 

Philosophy

At ValueWorks, we define value investing as seeking to buy high-quality assets at compelling prices. We think of ourselves as bargain hunters: our goal is to identify opportunities where we estimate that we can pay approximately $0.50 to $0.75 for each $1.00 of underlying value.

We evaluate the component parts of a company, assigning an estimated dollar value to each of its assets. When added together, these estimates form our assessment of the company’s underlying value. If our assessment of that value is meaningfully higher than the company’s stock price, we may consider it an investment opportunity.

These principles are straightforward, but converting them into practice requires a sophisticated and consistent process. It entails extensive independent research, a high level of expertise in appraising both assets and claims, and the discipline not to be led by emotion when market conditions are volatile. Our estimates are inherently subjective, may change over time, and may not reflect the value ultimately realized.

Risk

Risk management is incorporated into our investment process through knowledgeable security selection, reasonable diversification, and steadfast discipline. Careful and diligent security selection is intended to reduce the risk that we misappraise a company’s assets or liabilities and to help us evaluate developments that could fundamentally alter our investment thesis.

Diversification is intended to limit the portfolio-level impact of an individual investment mistake. It may also help mitigate the effects of a particular company, sector, or group falling further out of favor and trading at a greater discount to our assessment of its underlying value. Diversification, however, cannot eliminate investment risk or protect against loss in all market conditions. 

During periods when investor enthusiasm or despair drives market valuations to particularly large premiums or discounts relative to our estimates of underlying value, ValueWorks emphasizes discipline as an important element of risk management. Our experience has been that these disconnects—whether affecting a sector or the broader market—can reverse unexpectedly. During such periods, emotional pressures may create a temptation to depart from the investment process. We believe that maintaining discipline helps us remain focused on the portfolio’s long-term investment objectives, although it does not ensure positive results or prevent losses.

On any given day, security prices reflect and react to many factors beyond the underlying value of a business.  Such disparities between a security’s price and a business’s value are what we as value investors seek out.  At ValueWorks once we identify this type of situation we then look for opportunities where the value of the underlying assets is growing, and where the disparity in valuation is expected to narrow. We do this by using a well-planned series of steps.  

1. Identification

We often find investment opportunities where quality securities have fallen out of favor with the market. Whether or not we identify a security through this contrarian approach, we will always determine if a security is a promising prospect by submitting it to an abbreviated version of our process. If the security passes this initial test, we will then take an in-depth look at the company.

2. Assessment

When we value a company, we determine its ‘underlying value’ by identifying, analyzing and pricing its assets. We also determine whether the asset base is likely to increase in value over time. We will decide to invest in a company only if its assets are currently undervalued and appreciating.

3. Appraisal

Once we determine that a security trades for less than the value of its assets, we identify the key factors that could eliminate this valuation gap and increase the security’s price. We then identify and value all the claims against the company’s assets. Only then can we evaluate the price required to control a particular instrument—and make either a positive or negative investment decision.

4. Re-evaluation

We monitor our portfolios to ensure that companies continue to exhibit the traits that originally made them good investments. We are also watchful so that changes in market conditions do not unexpectedly alter the merits of particular investments. 

5. Exit

We sell securities when they have realized our estimate of their assets’ value, or when new developments lead us to believe that part of our original conclusion to buy them is no longer valid.

Charles Lemonides, Founder

Charles founded ValueWorks with the goal to broaden availability of his conceptual value investing discipline in the retail and institutional investor communities.  Charles leads investment research and portfolio management at ValueWorks and has final authority for all investment decisions.  

Charles’ philosophy of value investing was born at the regional brokerage Gruntal & Co.  During his tenure in Gruntal’s Research Department beginning in 1986, Charles honed skills covering risk arbitrage, the banking industry, and special situations.  He notably spearheaded the addition of high yield bonds and distressed securities to the department’s coverage.  In 1994, Charles joined Sterling Advisors, an investment advisory unit of Gruntal & Co.; he became Chief Investment Officer of Sterling the following year.  In 1999 Charles merged this internal investment practice into the independent advisory firm M&R Capital.  As  Chief Investment Officer of M&R Charles began branding the composites he brought over from Sterling under a ValueWorks banner, laying the ground for establishing ValueWorks as a fully independent firm in October of 2001. 

Charles received his Bachelor’s degree in History from Vassar College and pursued graduate studies in Economics at New York University.  He received his CFA designation in 1989 and is a member of the New York Society of Security Analysts. Charles has been featured in prominent print and broadcast financial media throughout his career.  Charles is a lifelong New Yorker and an avid traveler.  The only place he finds more engaging than NYC is the place on the map he is visiting next.

Mario J Del Pozzo, Managing Director

Mario joined ValueWorks in 2018 and is responsible for the Business Development efforts of ValueWorks and for maintaining superior relationships with existing clients and expanding Valueworks’ reach with the Institutional community. Prior to this position, Mario ran a European Single-Family Office in New York City with a focus on Alternative Investments and Real Estate.

He has spent over 25 years in the financial sector both in New York City and Europe specializing in capital markets and wealth management, primarily focused on the sales and trading side of the business. Mario also served as a Director of Theorema Europe Fund Ltd (a European long/shorty equity fund) between 2009 and 2015.

Mario holds a B.A. in Economics from Vassar College and an M.B.A. from INSEAD, in Fontainebleau, France.

Mario enjoys the outdoors and is an avid alpine skier and tennis player.

Linette Lopez, Director

Linette joined ValueWorks in December 2024 and is responsible for the firm’s communications and business development. Before joining the team, she was an award-winning financial journalist for 13 years, and regularly appeared on national outlets like NPR, CNN, MSNBC, and CNBC. She enjoys scouting for great new restaurants, live music, and travel.

Lopez holds a B.A. in History and Sociology from Columbia University and M.S. from Columbia University’s School of Journalism.

Mac Campbell, Analyst

Mac initially interned at ValueWorks in 2019 and joined the team full-time after graduating from the University of Alabama in 2020 with a B.S. in Finance and concentration in value investing. He received the CFA designation in 2024 and is a member of the CFA Society New York.

He joined the team as a research analyst and works closely with our CIO. His primary focus is conducting security-specific research to support ValueWorks’ investment process.

Outside of the office, Mac loves being outdoors and on the water, and particularly enjoys snow skiing, wakeboarding, and golf.