Two Fish Capital

Mike Morris directs the firm’s fundamental research and security selection, while J.R. Sauder handles the trade desk and technical reviews of securities. Both are founders and serve as the portfolio managers responsible for investment decisions, according to the firm's website.

Two Fish operates two main strategies. The "Put" Income strategy writes out-of-the-money put options on equities the firm views as undervalued and lightly levered, with the goal of generating an income stream from premiums. The Holding Company (HOLDCO) strategy is conducted through Two Fish Partners, L.P., a Delaware limited partnership, and invests with both long and short exposures as a long-term holding company for accredited investors.

The firm works with RIAs in a sub-advisory capacity. It provides option idea generation, block trade execution, institutional-level commissions, risk analytics, and client reporting. The RIA retains full control of the end-client relationship while offering bespoke income strategies outside traditional fixed-income and REIT allocations.

The firm's investment mission is explicitly inspired by the Biblical accounts in the gospels of Mark and Matthew, in which Jesus Christ feeds a multitude with only two fish and five loaves of bread. Two Fish states this narrative shapes their approach to creating value from the resources with which they are entrusted.

The firm has published dedicated research on Barrick Gold and Occidental Petroleum. Principals have also discussed Barrick Gold in media interviews and maintained an archived resources page covering activist dynamics and deep-value theses around gold producers.