Two Fish Capital

Two Fish Capital

Two Fish Capital was founded in 2007 by Mike Morris and J.R. Sauder. Morris directs the firm's fundamental research and security selection, while Sauder manages the trade desk, reviews securities from a technical perspective, and leads business development. Prior to founding Two Fish, Morris served as Director of Investment Research at KSM Capital Advisors and began his career at Tucker Alan, where he focused on SEC accounting fraud investigations and damages valuations. Sauder previously worked as a business valuation analyst at Katz, Sapper & Miller and as a financial manager at Odyssey Ventures in San Francisco. The firm operates two distinct strategies. The "Put" Income strategy writes out-of-the-money put option contracts on equities it assesses as undervalued, oversold, and lightly levered, aiming to create an income stream from the sale of premiums. Clients may collateralize the account with cash or use existing long-stock positions as the foundation for the overlay. Its second strategy, Holding Company (HOLDCO), is available to accredited investors through Two Fish Partners, L.P., a Delaware limited partnership. The vehicle operates as a long-term investment holding company and carries both long and short exposures. Publicly discussed names have included Barrick Gold and Occidental Petroleum, with the firm producing dedicated research on each. Two Fish is headquartered in Hong Kong, serving high-net-worth individuals with direct portfolio-manager access and operating in a sub-advisory capacity for registered investment advisors. For RIAs, it provides option idea generation, block-trade execution, institutional-commission structures, risk analytics, and client reporting while enabling the advisor to retain full control of the relationship. The firm explicitly prioritizes understanding a client's risk tolerance, tax situation, liquidity needs, time horizon, and cash-flow requirements before deploying capital. The firm cites its investment mission as inspired by the Biblical account of Jesus Christ feeding multitudes with limited resources, a framing that is unusual among asset managers and signals a value-creation culture tied to resource stewardship. This distinct identity is mirrored in its operational structure as a registered investment advisor with a Delaware limited partnership acting as the holding-company investment vehicle, separating its option-income activities from its long-short equity holdings.