About Matthew DePaola

Matthew DePaola is a long-time practitioner of the deep value investing approach. He cofounded Tortuga Capital after having concluded that few institutional money managers follow a true value investing approach. Matthew has broad experience in business finance and asset valuation, and has engineered the leveraged purchase and recapitalization of several small businesses. Matthew has also spent several years as a financial analyst in the residential real estate development field. He earned his MBA from the University of Florida’s Hough Graduate School of Business and holds a BS in Finance from Florida Gulf Coast University.

The 5 Most Important Investment Concepts

By |August 24th, 2018|Essays & News|

Investing is an activity which is often made unnecessarily complex. Many investment professionals, such as financial advisers and portfolio managers, too often contribute to their client’s confusion by failing to adequately explain basic financial concepts. In this guide, we explain five of the most important concepts which investors should know before making financial decisions. And [...]

The Pros and Cons of Six-Month Financial Reporting

By |August 24th, 2018|Essays & News, Thoughts for the Enterprising Investor|

President Trump recently announced that he is directing the Securities and Exchange Commission (SEC) to consider lifting public companies’ requirement to file quarterly financial reports and instead report financial results every six months. Investors in common stocks may be wondering what this means for them moving forward. The proposal, like any, has both costs and [...]

Indexers Do Not Have a Monopoly on Evidence

By |August 16th, 2018|Essays & News, Thoughts for the Enterprising Investor|

Passive investing is a prevalent feature of the current bull market. According to Morningstar, investors pulled $207 billion out of active funds and placed $220 billion into passive instruments, such as index funds and exchange traded funds (ETFs). This trend has been driven, in large part, by the collective inability of actively managed mutual funds [...]

Invest in ‘great’ companies at your own risk

By |May 14th, 2018|Featured|

It goes against popular wisdom, but purchasing shares in “great” companies is not always sound investment advice. What is the definition of a great company? A great company generates extensive cash flow, earns high returns on invested capital and redeploys cash flow at high returns. A great company possesses what Warren Buffett calls an “economic moat,” meaning [...]

Remembering an Investment Legend

By |May 7th, 2018|Essays & News|

The investment world recently lost a legend when Marty Whitman, a money manager and financial theorist, passed away on April 16th at the age of 93. Whitman was a pioneer in the field of deep-value investing. His insights have guided several generations of investors. Whitman referred to his approach as “safe and cheap” investing. Like [...]

An Introduction to Banking and Money Creation

By |May 1st, 2018|Money and Banking|

INTRODUCTION Commercial banks and other deposit-taking institutions have a central role in the U.S. economy. Banks allow us to safely store our savings and facilitate transactions without the need for cash.  Banks also act as financial intermediaries, lending money and channeling funds from savers to borrowers.  The more interesting role for banks, however, is that [...]

Our Trade Relationship with China is Complicated

By |April 25th, 2018|Essays & News, Thoughts for the Enterprising Investor, Uncategorized|

The potential for a trade war with China has dominated the financial news lately. The media has largely focused on two primary risks from a potential trade war: an increase in the price of goods imported from China and the risk of declining U.S. exports should China enact retaliatory tariffs. Other commentators have worried that [...]

Monetary Policy and The Federal Reserve System

By |April 13th, 2018|Money and Banking|

INTRODUCTION The 2007 – 2009 financial crisis brought increased attention and scrutiny to the Federal Reserve System.  However, despite the Federal Reserve’s increased recognition, few in the public understand much about the institution.   The Federal Reserve System (the Federal Reserve or “the Fed”) is the central bank responsible for implementing monetary policy - the [...]