Our story began in 1994 when Mark Travis and his father Forrest founded Intrepid in Jacksonville Beach, Florida, far from Wall Street. That decision set the tone for a company focused on our strategy and not "The Street." As Intrepid has grown, our independent thinking has remained steadfast.
Intrepid may take a contrarian approach to investing, but it's based on risk-control, not risk-taking. Our definition of risk is losing money. We are value investors, content to look different and hold cash when compelling opportunities are not present. We aim to outperform over full market cycles by protecting capital on the downside and participating on the upside. Our portfolios tend to be concentrated with only our best ideas. Most importantly, we are invested alongside our shareholders.
Intrepid Capital Management may only provide investment advisory services to persons in states where Intrepid has filed a notice with the state securities administrator as a federally registered investment advisor or pursuant to an exemption from filing a notice in certain states. The rendering of investment advisory services by Intrepid will not be made in states where it is not first notice filed or may rely on an exemption from such filing.