Luke Constable is the founder and managing member of Lampa Capital, a public-private investment firm. Lampa looks for companies with charisma – quality businesses with accelerating cash flows and favorable capital flows. Prior to Lampa, Luke worked in special situations, growth, and crossover investing at several hedge funds and a private family office. He received his AB in history from Duke University and his JD from Stanford Law School. He was a champion Civilization IV player and is a member of the California Bar Association. Originally from Philadelphia, Luke now lives in New York, where Lampa is headquartered.
Cost of capital is a tenuous concept. Charlie Munger amusingly calls it a “perfectly amazing mental malfunction.”
GAAP sometimes misrepresents business reality. We can use that fact to generate some alpha.
You can find significant alpha in the mechanics that drive GAAP accounting.
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