info@dgacapital.com
Disclaimer
DGA Capital Management: Value-Driven Investment Partnership
THIS SITE IS NOT FOR PROMOTIONAL PURPOSES
A Value Investment Limited Partnership for accredited investors, focusing on fundamental analysis and event-driven catalysts in special situations.
January 1, 2026 - A pitch to FHFA on transforming America's housing future.

Gamma embed

Transforming America's Housing Future

A bold proposal to address the affordable housing crisis through strategic public-private partnership, funded by $200-400 billion from Fannie Mae and Freddie Mac restructuring.

Annual Performance Letters

dgacapital.com

Annual Presentations

Annual Investment Performance Review

Long-Term Thinking Over Short-Term Noise
Process Over Outcome
A quality decision cannot be attributed to outcome alone. A negative outcome with a good process can occur, as can a good outcome for the wrong reasons. Over long periods, better decision-makers have an overwhelming proportion of correct choices.
One Year Means Nothing
Random events can have overbearing consequences for returns on investments. No one should attach much significance to one year's performance.
Volatility Misunderstood
Volatility isn't the essence of risk. It's not a proxy for risk, which is more correctly defined as the probability of a bad outcome. Chance of default is the real risk to evaluate; volatility is less relevant.
Returns should be evaluated relative to the risk taken to achieve them. Asset managers who take steps to reduce volatility also reduce potential for good returns. Most investors should focus on the long term, not subject to lump sum withdrawals, whose essential activities aren't affected by price fluctuations.
The Challenge of Investment Decision-Making
Probabilistic Thinking
"We are ultimately 'belief calibrators' that incorporate information from the outside world to align with our predictive abilities about reality. The more in tune we are with reality within our belief system, the more accurate our investment decisions can be."
A great investment decision results from a good process that represents our state of knowledge, which necessarily includes humility and the phrase 'I don't know'. We must think probabilistically with incomplete information and luck affecting results.
Cognitive biases play a huge role because we are surprisingly sticky with our beliefs. We alter the interpretation of facts to fit our beliefs, not our beliefs to fit the facts.
The Dangers of Overtrading
Most investors trade too much. It's hard to make consecutive decisions correctly. Trading results from emotional swings rather than rational analysis.
"Don't just do something, sit there." You make money on what you hold. Think more, do less.
Over-diversification allows investors to make too many trades, investing in companies they don't deeply understand. Bill Miller says time, not timing, is key to building wealth in the stock market.
Our Approach
Assemble portfolios that will perform over the long run. You don't have to take a position on short-term events if you don't have an advantage in doing so.
Our Investment Process Outline
Long-Term Focus
Forget the short run. Securities are interests in companies. Study companies and their earnings potential deeply.
Risk Posture
Match investor personality. What's the normal risk posture between defensive and aggressive positions? Adopt a healthy attitude toward risk with margin of safety.
Micro Over Macro
Study micro like mad, don't worry about macro. Be realistic about your smarts. Recognize psychology swings more than fundamentals.
Market Cycles
Study conditions in the market cycle. Where is the cycle now? Try to be contrarian when psychology swings in wrong direction.
Key Investment Principles
Compounding Wonder
Benefit from the wonder of compounding. Buy debt when you like the yield, not for trading. Hold investments as long as earnings outlook remains attractive.
Minimize Expenses
Buying and selling is an expense center. One man, one dog mentality: dog prevents man from touching machinery, man's job is to feed the dog.
Alpha Generation
Alpha is the ability to find and exploit inefficiencies. Make more money in good markets than lose in bad markets.
Asymmetric Results
Excellence lies in asymmetry between bad and good markets. Do well when market does well, and do less bad in bad markets.
For Accredited Investors
DGA Capital Management LP operates as a Value Investment Limited Partnership exclusively for accredited investors. This structure allows us to pursue our investment strategy with the flexibility needed to maximize long-term returns.
Our partnership approach aligns our interests with those of our investors, as we succeed when our investors succeed. We maintain transparent communication and provide regular updates on portfolio performance and strategy.

Accredited Investor Requirements
  • Individual net worth exceeding $1 million (excluding primary residence)
  • Annual income exceeding $200,000 individually or $300,000 jointly for the past two years
  • Certain professional certifications or credentials
DGA Capital
For accredited investors only!
Call Us
+1 (415) 407-8621
Schedule a direct conversation with our team during business hours, Monday to Friday, 9 AM - 5 PM PST.
Email Us
Send us your inquiries or request more detailed information. We aim to respond within one business day.
Visit Our Office
  • 101 California St. Suite 2710, San Francisco, CA 94111
Meetings by appointment only. Please contact us to arrange your visit.

CodePen

Compare Stocks

Backtest.

Important Legal Disclaimer
The information contained on this website (the "Site") is provided for informational and educational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, investment products, or investment advisory services. Any such offer or solicitation may only be made by delivery of confidential offering materials to qualified accredited investors, pursuant to applicable securities laws and regulations. Nothing on this Site should be construed as investment, tax, legal, or financial advice tailored to any individual's specific circumstances. Visitors to this Site should consult their own qualified financial, legal, and tax advisors before making any investment decisions.
DGA Capital Management LP ("DGA") is an exempt reporting adviser under applicable federal and state securities laws, including exemptions under the Investment Advisers Act of 1940 and California regulations. DGA manages a private investment fund relying on the exemption under Section 3(c)(1) of the Investment Company Act of 1940, which is available only to a limited number of accredited investors. Participation in the fund is restricted to eligible investors who meet strict qualification criteria, and DGA does not engage in general solicitation or public advertising.
The investment thesis, analyses, opinions, and other content presented on this Site represent DGA's views as of the date of publication and are based on publicly available information, internal research, and assumptions that may prove incorrect. Such content is subject to change at any time without notice and does not guarantee future performance or outcomes. Investments in value situations, asymmetric special situations, or similar strategies involve significant risks, including the potential for complete loss of principal, market volatility, illiquidity, and concentration in specific sectors or assets. Past performance is not indicative of future results, and there is no assurance that any investment objectives will be achieved.
DGA makes no representations or warranties, express or implied, regarding the accuracy, completeness, or suitability of the information on this Site. DGA disclaims any liability for errors, omissions, or reliance on this content. By accessing this Site, you agree that DGA shall not be liable for any direct, indirect, incidental, or consequential damages arising from your use of the information provided.
This Site is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to local law or regulation. Access to certain sections of this Site may be restricted to authorized users only.
References to specific securities or strategies are for illustrative purposes only and do not constitute recommendations.
For questions or to request more information (available only to qualified accredited investors), please contact us at info@dgacapital.com.
Last updated: August 11, 2025