• 6 min read
• Published on 25 July 2025
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Complexity Kings targets companies whose opaque structures may create significant stock discounts.View the full Basket:Complexity Kings
Let’s be honest, most of us like things simple. When it comes to investing, we’re told to look for clean balance sheets and business models you can explain to a five year old. It’s sensible advice, I suppose. But to me, it all sounds a bit boring. Where’s the fun in that? More importantly, where’s the opportunity? When everyone is running in one direction, towards simplicity, I find myself instinctively looking the other way, towards the glorious, maddening mess of corporate complexity.
It’s here, in the companies whose financial reports read like a particularly dense Russian novel, that you might find some intriguing possibilities. The market, in its infinite but often lazy wisdom, tends to punish what it cannot easily understand. This creates something the professionals call a "complexity discount". In plain English, it means some firms could be trading for less than they are worth, simply because doing the homework on them is a bit of a chore.
View the full Basket:Complexity Kings
Take the alternative asset managers, for instance. Firms like KKR or Blackstone are the undisputed masters of this game. Their corporate structures are sprawling, multi-layered beasts with tentacles in private equity, real estate, credit, and goodness knows what else. Trying to get a clear, consolidated picture of their earnings in any given quarter is a fool’s errand. Their revenue streams, tied to performance fees and obscure valuation methods, swing about with a volatility that would make a traditional analyst faint.
But is this complexity a bug, or is it a feature? I’d argue it’s the latter. This very structure allows them to hunt for opportunities across the entire global economy, from distressed debt in one corner to booming tech start-ups in another. Their complexity is a direct result of their ambition and reach. While the market might get spooked by a lumpy earnings report, the long term story could be one of patient, relentless value creation, hidden beneath a thick fog of financial jargon.
View the full Basket:Complexity Kings
You find a similar theme in the world of Business Development Companies, or BDCs. These are peculiar entities that lend money to medium sized businesses, the sort of companies that are too small for the public markets but too large for a simple bank loan. A firm like Prospect Capital holds a portfolio of hundreds of these private investments, and its quarterly reports are an exercise in forensic accounting. You’re digging through loan modifications and equity arrangements that are deliberately opaque.
The whole point, of course, is that this opacity allows them to operate in a less crowded space, potentially commanding higher yields than they might find in the public markets. It’s a trade off, certainly. You’re swapping the clarity of a blue chip stock for the potential of higher returns in a murky, specialist field. It’s this potential for a sudden clearing of the fog that makes a collection of these firms, like the Complexity Kings basket, an interesting thought experiment, at the very least.
View the full Basket:Complexity Kings
Now, before you get carried away, let’s be brutally honest. This is not a risk free path to riches. Investing in deliberately complex companies comes with a hefty dose of uncertainty. Valuing these businesses is difficult, even for the people paid handsomely to do it. Their shares can be less liquid, meaning they can be harder to sell in a pinch, and you’re utterly dependent on the quality of the management team navigating the maze they’ve built. A misstep in a simple company is a problem, a misstep in one of these can be a catastrophe. This approach requires patience and a strong stomach, as the market’s misunderstanding could last longer than you expect.
View the full Basket:Complexity Kings
View the full Basket:Complexity Kings
View the full Basket:Complexity Kings
View the full Basket:Complexity Kings
View the full Basket:Complexity Kings
View the full Basket:Complexity Kings
This article is marketing material and should not be construed as investment advice. No information set out in this article be considered, as advice, recommendation, offer, or a solicitation, to buy or sell any financial product, nor is it financial, investment, or trading advice. Any references to specific financial product or investment strategy are for illustrative / educational purposes only and subject to change without notice. It is the investor’s responsibility to evaluate any prospective investment, assess their own financial situation, and seek independent professional advice. Past performance is not indicative of future results. Please refer to our Risk Disclosure.
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