Voce Capital Management Investment Adviser

ABOUT US

Voce Capital Management LLC (“Voce”) is a value-oriented investment adviser. Founded in 2011 by J. Daniel Plants, Voce bases its investment decisions upon extensive fundamental research, manages a concentrated portfolio and invests with a multi-year time horizon.  Voce is based in San Francisco and is 100% employee-owned.

“It is widely believed that politics and economics are separate and largely unconnected; that individual freedom is a political problem and material welfare an economic problem; and that any kind of political arrangements can be combined with any kind of economic arrangements. . . . [S]uch a view is a delusion . . . . [E]conomic freedom is . . . an indispensable means toward the achievement of political freedom.”

– Milton Friedman

 

“It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’  But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”

– Murray Rothbard

 

“I have always thought the actions of men the best interpreters of their thoughts.”

John Locke

“In times of political confusion, and under an arbitrary government, many will prefer to keep their capital inactive, concealed, and unproductive, either of profit or gratification, rather than run the risk of its display. This latter evil is never felt under a good government.”

Jean-Baptiste Say

“There are no taxes which have not a tendency to lessen the power to accumulate. All taxes must either fall on capital or revenue. If they encroach on capital, they must proportionably diminish that fund by whose extent the extent of the productive industry of the country must always be regulated; and if they fall on revenue, they must either lessen accumulation, or force the contributors to save the amount of the tax, by making a corresponding diminution of their former unproductive consumption of the necessaries and luxuries of life. Some taxes will produce these effects in a much greater degree than others; but the great evil of taxation is to be found, not so much in any selection of its objects, as in the general amount of its effects taken collectively.”

David Ricardo

“The person who makes a success of living is the one who sees his goal steadily and aims for it unswervingly.”

Cecil B. DeMille

About Voce's Quotes

Each quarter, for inspiration we turn to our favorite writers and warriors; scientists and statesmen; musicians, magicians and politicians; investors and business leaders; thinkers and tinkerers; artistes, aesthetes and auteurs.  The current curation of quotes (from our 2015 Annual Letter) pay homage to Shakespeare, as 2016 marks the quartercentenary of his passing (April 23, 1616).

STRATEGY

Voce invests in companies whose valuation it believes is, based on proprietary fundamental research, impacted by capital misallocation, managerial deficiencies, improper or misaligned incentives, operational underperformance, governance dysfunction and/or strategic issues of scale or scope.  Voce will invest in companies where it believes the catalyst to address such issues is identified and actionable.  Voce may attempt to engage in substantive dialogue with the management, Board of Directors and other shareholders of such companies to effect changes it believes will address the company’s issues and narrow the valuation discrepancy.  The Voce strategy is concentrated and may hold its investments for extended periods.  It seeks to achieve long-term capital appreciation by generating superior risk-adjusted returns.

“The greatest danger to liberty today comes from the men who are most needed and most powerful in modern government, namely, the efficient expert administrators exclusively concerned with what they regard as the public good.”

F. A. Hayek

“Money is not an invention of the state. It is not the product of a legislative act. Even the sanction of political authority is not necessary for its existence. Certain commodities came to be money quite naturally, as the result of economic relationships that were independent of the power of the state.”

Carl Menger

“History does not provide any example of capital accumulation brought about by a government. As far as governments invested in the construction of roads, railroads, and other useful public works, the capital needed was provided by the savings of individual citizens and borrowed by the government.”

Ludwig von Mises

“When goods do not cross borders, soldiers will.”

Frédéric Bastiat

“The directors of such companies, however, being the managers rather of other people’s money than of their own, it cannot well be expected that they should watch over it with the same anxious vigilance with which the partners in a private copartnery frequently watch over their own. Like the stewards of a rich man, they are apt to consider attention to small matters as not for their master’s honour, and very easily give themselves a dispensation from having it. Negligence and profusion, therefore, must always prevail, more or less, in the management of the affairs of such a company.”

– Adam Smith

About Voce's Quotes

In recognition of the momentous political events of late, this quarter’s quotations are drawn from some of the classical liberal economists who have helped us better understand the role free markets play in prosperity as well as their impact on behavior and individual liberty.  We commend these great teachers to the incoming President for inspiration as he formulates his economic policies, and we hope their tomes line his bookshelves.

EXECUTIVE TEAM

J. Daniel Plants

Founder & Chief Investment Officer

Mark Shamia

Chief Operating Officer

Nicholas D. Heldfond

Head of Business Development & Investor Relations

Press

In The News

At The Podium

Being Vocal

CONTACT US

Voce Capital Management LLC

The Pyramid | 600 Montgomery Street
San Francisco, CA 94111

T: (415) 489-2602
F: (415) 489-2610