Other People's Money with Max Wiethe How This Value Investor Beat the Market and Grew His Hedge Fund | Yaron Naymark | 1 Main Capital
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Dec 17, 2025 
Yaron Naymark, founder and managing partner of 1 Main Capital, grew a concentrated long-biased fund from startup to institutional scale. He discusses fund growth milestones, handling drawdowns and investor relations, evolving a Buffett-style investment approach, operational upgrades like outsourced COO/CFO support, and a $20M strategic seed from Cannell Capital.
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Bootstrapping From $1M To $80M
- Yaron started OneMainCapital in 2018 with slightly over $1M, including $200k from former colleagues.
- Eight years later the fund grew to about $80M AUM after performance-driven gains and organic inflows around 2021–2024.
Hitting A Sustainable Fee Base
- The fund reached sustainability around $25–30M AUM when fees covered living and operating expenses.
- A mid‑2022 drawdown tested survival despite prospective large investors and personal life events, but recovery in 2023 proved decisive.
Explain Portfolio Risk Before Raising Big Checks
- Improve how you explain portfolio construction and risk before courting institutional LPs.
- Yaron lacked an investor deck and fact sheet early on, and early backers effectively bet on his unproven portfolio management skills.