Jacob Rubin, Founder and Managing Member of Philosophy Capital Management LLC, presented a long investment thesis at the 2025 Sohn San Francisco Conference. Philosophy Capital, which manages $1.1 billion in AUM and is hard closed, operates a broad, flexible strategy focusing on value-oriented equity, credit, and event-driven ideas across the capital structure, targeting securities with asymmetric investment returns. Rubin’s thesis centered on a dominant residential real estate brokerage player positioned to capitalize on a historic cyclical trough in the housing market through strategic consolidation and superior technology, driving significant EBITDA growth and a favorable re-rating.
Rubin established Philosophy Capital on April 1, 2020, three weeks into COVID lockdowns, after spinning out from Lonestar Capital, where he had invested for six years (2014–2019). His professional history also includes roles at Goldman Sachs, Macquarie, and JPMorgan. A long-distance runner, Rubin noted that his last investor day included a 5 a.m. run up Mount Diablo.
The firm seeks ideas that adhere to four key criteria: first, the idea must be the right size, meaning it is not an illiquid micro-cap or a fully discovered mega-cap, but rather something scalable, liquid, actionable, and big enough to matter. Second, the investment requires "torque," or "juice," ensuring the firm makes money and avoids "boring stuff". Third, and critically for a portfolio manager, the idea must avoid landmines, reflecting a focus on downside protection to remain "in business". Finally, because they acknowledge that value investors "make mistakes and get things wrong," the ideal idea must successfully marry an idiosyncratic catalyst with thematic tailwinds/
Also see:
- 13D Monitor Active-Passive Investor Summit
- 2025 Capitalize For Kids Investors Conference
- 2025 Invest For Kids Conference
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