We believe the risk is one of the most misunderstood components of investment. We believe that the flight to safety and conventional attitudes are some of the riskiest investment behaviors. Within this context, we believe that many approaches to investment display an unhealthy relationship to risk, in both extremes of risk avoidance, and ignoring real risks. We believe that occasional, and sometimes frequent investment losses, are a normal part of investment outcomes, and are balanced by equitable gains. We believe that many investors’ desire to avoid any individual losses, drives them to lose the opportunity to make larger gains. We are entirely content with operating in this context. Our approach to risk is to do so plainly and realistically. There is a discipline and methodology to taking on risk, with a sober and cold view. CrystalPoint’s fundamental investment thesis is to take on the risk that obscures real value and to develop the investment to the point that the “excess risk”, as defined by the conventional view, is removed, thereby unlocking and realizing material value.