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Surprise is the enemy of thought;
plan for volatile scenarios before they occur.


Three Pillars of Whitebox

At Whitebox we believe our investment success rises organically out of our organizational culture. The organization is the process.

Our culture is founded on three pillars: our investment principles; the close collaboration of our diverse investment team; and “radical conservative” asset allocation. Because we repeatedly revert to the principles and work collaboratively, our investment process is often more iterative, even more organic than linear.


investment process

  • Roadmap for generating potential return by reducing risk
  • Summarized in Whitebox Investment Principles, guiding Whitebox team through every trade
  • Stable process—essential, since inception, for decoding often frantic market change


collaborative team

  • Collaboration across markets/capital structures crucial to:
    • Efficient, security-agnostic trade structure
    • Identifying relative mispricings
    • Non-obvious trades: “niche of one”
  • Big Toolbox: Equity-Quant, Equity-Fundamental, Credit, Capital Structure Arbitrage, Distressed, Structured Products, Convertible Arbitrage, Legal Claims, Macro, Option Arbitrage, Relative Value
  • Big Sandbox: U.S., Europe, Asia


“Radical conservative”
asset allocation

  • Radical: Investment concentration is driven by asymmetry of risk and reward not institutional inertia. Deploy capital rapidly to asymmetric opportunities regardless of prior prejudices.
  • Conservative: Conventional is NOT conservative. Conservative means never accepting a risk without an asymmetric potential reward. A manager who identifies lack of opportunity in a standard strategy is as valuable as someone who discovers a new trade.