KRATKY CAPITAL MANAGEMENT, LLC

Michael J. Kratky serves as President and Chief Investment Officer, making all investment decisions for the firm. He previously worked in investment banking and asset management before founding Kratky Capital Management in 2006 (per the firm's SEC Form ADV).

Kratky Capital Management is registered with the SEC as a registered investment advisor (RIA), not a family office. It manages assets for a small group of high-net-worth individuals and institutional clients, but its concentrated, long-term approach resembles the discipline of a family office.

The firm does not pursue proprietary deal flow or direct private investments. It invests exclusively in publicly traded equities, sourcing ideas through fundamental research and screening for businesses with durable competitive advantages.

The firm targets publicly traded equities across all market capitalizations, with a preference for established businesses. It does not invest in early-stage companies or private equity.

Kratky Capital Management invests only in direct holdings of publicly traded stocks. It does not commit capital to external funds or participate in co-investment arrangements.

The firm avoids technology companies with unproven business models, as well as highly leveraged firms in sectors such as energy and real estate. It typically avoids companies with complex financial structures or those that rely on continuous capital markets access.

Kratky Capital Management holds significant cash reserves when it cannot identify attractively valued opportunities that meet its strict underwriting criteria. The firm's cash position can exceed 30% of assets at times, reflecting its patience and willingness to wait for better entry points (per public filings).