Atai Capital Management

Long-only | Concentrated | Small-Cap Value.

[Atai Capital Management @AtaiCapital]

Atai Capital's updated fund presentation through Q4-2025 is now available here: https://t.co/yn0J1M0ISU

[Atai Capital Management @AtaiCapital]

The activist on this name @AskeladdenTX deserves a ton of credit here for this outcome.

[Atai Capital Management @AtaiCapital]

$ALOT Being acquired for $29/share.

Quite a long and frustrating journey to get here, but luckily a very positive outcome.

https://t.co/lTDiXsqmDj

[Atai Capital Management @AtaiCapital]

@roojoo3 Imagine what we'd be worth if our businesses traded at 400x earnings!

[Atai Capital Management @AtaiCapital]

Been a couple of years since I took mine, but the exam is really focused on the legal/compliance side of things if I remember correctly and is not difficult.

I used STC and if you pass their greenlight exams they have you should pass the exam - questions were very very similar to the actual exam.

[Kevin Carpenter @kejca]

Charlie Munger: "Nowadays, every director at a big company gets $300,000 a year — and everybody thinks we've arranged all this wonderful independence. A man who needs $300,000 extra a year as a director is not independent. The one thing you can guarantee is he'll try and stay a director. I don't think that's an ideal system."

[Sebastian Krog @SebKrog]

How it feels when you go through hundreds of stocks and finally find something…

[Pernas Research @pernasresearch]

The entire active management industry needs an epic reset

[Pernas Research @pernasresearch]

It’s striking that despite the explosion of tools available to retail investors, and the consistently underwhelming returns from hedge funds, there remains this durable belief that professionals operate with some insurmountable edge….The reality is the bar is actually set so low amongst these “pros” that when I explain this I have to make it seem they are better than they actually are just sound credible.

I guess what sustains the myth is the sheer scale of capital involved. People see billions and infer brilliance.

I think my new favorite analogy to try and dispel this is the modern entertainment industry. There is enormous capital, endless access to “top talent,” and yet good films are rare. The presence of money and resources does not guarantee quality. Not even close. Investing is no different.

[Atai Capital Management @AtaiCapital]

Atai Capital's Q4-2025 letter is now available.
https://t.co/Qh6lJD9CqX
Readers can join our distribution list via our website. Names Mentioned - $BELFA $BKTI $KITW.L #KITW

[Atai Capital Management @AtaiCapital]

I first profiled the idea in our Q3-2024 Letter and had received no emails on the name from other investors (out of the norm) - been involved since July of 2024.

Tbf, they definitely needed to prove themselves, and things took a bit longer than expected, but slowly then all at once as they say! $HAI $HAI.TO

[BetterIRR @BetterIRR]

Keep hearing about how "efficent market are", yet $HAI.TO, a durable double digit grower, was very recently trading at <5x mature margins look through earnings...make it make sense!

[Atai Capital Management @AtaiCapital]

Identified funds in Dallas and handed out 30-40 resumes in person during my junior year of college.

I had essentially no prior experience, and my college was far from a "target school." Followed up on resumes with emails, and was extremely fortunate to get just one email back from a long/short small-cap fund, which led to a 2-year internship - learned an unbelievable amount there.

The experience later helped me get a buy-side role in Florida. I sent probably 100-200 targeted, personalized emails with write-ups to different firms, to no avail. The analyst role I eventually got was surprisingly posted publicly.

[Atai Capital Management @AtaiCapital]

We view the OEP offer for Kitwave as significantly undervaluing the business. We intend to vote AGAINST the current terms. In our view, the premium does not reflect the business's quality or growth profile. #KITW $KITW.L $KITW

[Atai Capital Management @AtaiCapital]

@InvestSpecial @hkuppy Thank you Dalius!

[Dalius - Special Sits @InvestSpecial]

12% annual returns (net of fees) is the "Great Divide." Most struggle to beat the S&P 500.

These 20 funds consistently hit that mark and, along the way, write impeccable investor letters.

The ultimate fund letters shortlist👇

1) Praetorian Capital - @hkuppy
2) Gator Capital - @gatorcapital
3) Hayden Capital - @HaydenCapital
4) Laughing Water Capital - @LaughingH20Cap
5) Fairlight Capital - @Fairlight_Cap
6) Kingdom Capital Advisors - @kingdomcapadv
7) Atai Capital - @AtaiCapital
8) Merion Road Capital - @aaronjsallen
9) LVS Advisory (Growth Fund) - @LuisVSanchez777
10) Greystone Capital - @GreystoneCap
11) VOSS Capital - @CapitalVoss
12) Alluvial Capital - @alluvialcapital
13) SRK Capital - @CaptnKirk13
14) Silver Beech - @JamesHollier24
15) Sohra Peak Partners - @JonCukierwar
16) Crossroads Capital - @CrossroadsOnX
17) Saltlight Capital - @davideborall
18) Cedar Creek Partners - @eriksen_tim
19) Rewey Asset Management
20) Greenlight Capital

Selection Criterion: 12% minimum CAGR since inception. Ranking: None. The list order is randomized and does not reflect relative performance.

[Atai Capital Management @AtaiCapital]

Great results from Haivision this quarter $HAI $HAI.TO