Long-Term Investing in Uncomfortable Ideas.
About
Beira Mar Capital is a long-term investment platform founded by Andy Hamer and based in New York. The firm is built around fundamental research, disciplined capital allocation, and a patient, owner-oriented mindset.
We focus primarily on public equity investing, seeking to build concentrated portfolios of high-quality businesses with durable competitive advantages, strong leadership, and the ability to compound value over extended periods of time. Our work is grounded in deep business analysis rather than portfolio construction heuristics. We invest selectively when we believe long-term outcomes can diverge meaningfully from prevailing expectations. Opportunistically, we may invest outside public markets when an idea meets the same standards of quality, asymmetry, and risk awareness.
Investing today is difficult precisely because information is abundant and obvious ideas are widely known. Many high-quality businesses are widely admired, heavily analyzed, and already priced for success. In that environment, identifying a “good business” is rarely sufficient. Attractive opportunities emerge only when one can develop a clear, defensible view on how future outcomes may differ from what the market already assumes and why that difference matters over time.
We do not seek to be contrarian as a matter of identity. Instead, non-consensus positions emerge as a consequence of careful analysis. Our process requires understanding both sides of an investment case simultaneously: the full upside if a business executes exceptionally well, and the real downside if key assumptions fail. We believe most investors anchor on one or the other. We aim to underwrite both and size positions accordingly.
As Howard Marks has observed, “You have to be contrarian, but you have to be right.” We interpret this as a discipline, not a slogan. Being early, concentrated, and different only makes sense when supported by a clear view of risk, valuation, and long-term business fundamentals.
Our objective is not activity, visibility, or short-term validation. It is to allocate capital deliberately, with uncertainty when it is justified, and allow time and compounding, rather than trading, to drive long-term results.
Investing & Capital Management
Building on this philosophy, Beira Mar Capital’s approach to managing capital emphasizes focus, discipline, and long-term alignment. Portfolios are intentionally concentrated, reflecting high conviction in a limited number of businesses where the firm believes long-term fundamentals are underappreciated by the market.
Investment decisions are driven by bottom-up analysis rather than macro forecasting or short-term market timing. Each position is evaluated through a long-term lens, with attention to business quality, competitive positioning, management incentives, capital allocation discipline, and the sustainability of value creation over time. Portfolio construction reflects a preference for clarity and conviction over excessive diversification.
Risk management is approached through business understanding and valuation discipline, rather than frequent trading or mechanical exposure limits. Capital is allocated with an emphasis on downside protection, asymmetric outcomes, and patience.
Once capital is committed, we allow time for uncertainty to resolve and for businesses to execute. Activity is not confused with progress, and volatility alone is not treated as risk. Decisions to add, reduce, or exit positions are driven by changes in fundamentals, valuation, or the original investment thesis, not by market noise.
Beira Mar Capital reflects a personal capital allocation approach and research platform. The firm’s work also includes ongoing investment research and written analysis intended to document thinking, refine decision-making, and share long-term perspectives on businesses and markets.
Founder
Founder & Managing Partner
Andy Hamer
Andy Hamer is the Founder and Managing Partner of Beira Mar Capital, a concentrated public equity investment platform. His investment approach has generated substantial returns from early positions in Tesla, TKO, Ubiquity Networks and Lemonade. Andy’s work is guided by the belief that the most meaningful investment returns come from being non-consensus and right. Beira Mar Capital is oriented toward ideas with the potential for outsized outcomes, including businesses capable of compounding value many times over as they move from misunderstood or controversial to widely recognized. This requires a willingness to stand apart from prevailing narratives, tolerate periods of underperformance, and look wrong for extended stretches while fundamentals develop. Investing, in this sense, is simple in principle, but not easy in practice.
His investment thinking is shaped by a synthesis of complementary frameworks: Warren Buffett’s focus on business quality and long-term compounding; Howard Marks’s emphasis on cycles, positioning, and risk; Nassim Taleb’s insights on asymmetry, fragility, and convexity; and Peter Thiel’s insistence on finding important truths that are not yet reflected in consensus thinking. Together, these perspectives inform an approach centered on durability, downside protection, and selective concentration; deploying capital where the potential payoff meaningfully outweighs the risk of being early or alone.
Andy writes the The Future of Investing, a monthly memo designed to help investors improve decision-making by focusing on fundamentals, incentives, and long-term compounding.
Prior to founding Beira Mar Capital, Andy worked across public and private markets in the United States and Europe, developing a global perspective on businesses, capital allocation, and market structure. He holds an MBA from Columbia Business School and a BBA from Frankfurt School of Finance & Management.
Contact Us
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