Whetstone Capital employs a value-oriented, research intensive investment process centered on identifying businesses with discernible competitive advantages in industries benefiting from secular growth. We focus our research efforts within specific circles of competence including North American energy and MLPs, media, software, and information services. Our long portfolio is typically concentrated in 15-20 high conviction ideas where we are comfortable owning the underlying businesses for the long term. On the short side, we maintain a thesis-driven portfolio of 5-10 ideas consisting mostly of struggling businesses in declining industries where exhaustive research can provide us with an edge.