Morgens, Waterfall, Vintiadis & Company

The firm is led by its named principals: Michael Morgens, John Waterfall, and Xenophon Vintiadis. They function as general partners and oversee all investment decisions in a concentrated, partnership-driven structure (per public record).

The firm follows a deep-value, event-driven approach rooted in the Graham-and-Dodd tradition. It targets distressed securities, special situations, and real estate assets where the market underappreciates recovery value or a catalyst (per public filings and investor letters).

The firm does not publicly report assets under management. It remains a low-profile partnership that has not registered as a large investment adviser with the SEC for reporting purposes, suggesting assets are below the $100M threshold that triggers such disclosures.

The firm sources proprietary opportunities through relationships with bankruptcy attorneys, restructuring advisors, and direct outreach to corporate boards of distressed companies. It does not rely on broad syndication or blind secondary markets (per industry sources).

Publicly documented holdings indicate exposure to corporate distressed debt, common equity in bankrupt companies, and real estate assets. The firm also partners with operators in workout situations, functioning as a structured capital provider.