About us

Makaira Partners is an employee-owned boutique investment firm based in La Jolla, California. We run a
concentrated portfolio of public equities. Our global client base includes individuals, family offices,
endowments, foundations and other institutions.

Tom Bancroft started Makaira in 2007 after spending 13 years at GEICO working with Lou Simpson and
Warren Buffett. He spent his last six years at GEICO as Portfolio Manager and Senior Managing Director of
the $3.5 billion equity portfolio, the only independently managed portfolio at Berkshire Hathaway.
During his tenure at GEICO, Tom developed an investment style that mirrors the patient, concentrated and
long-term approach of his mentors at Berkshire.

Our Philosophy

We strive to invest in high-quality public companies that can compound intrinsic value per share at prices
that afford us an attractive long-term return. Our exhaustive fundamental research process is designed to
allow us to gain a deep level of understanding of a company’s business model, competitive position, and
culture. We believe concentrating our bets in a handful of these companies will lead to outperformance
vs passive investing over time.

We have a long-term time horizon, often owning our investments for at least five years. We firmly believe
the market price of a stock will ultimately follow the performance of the underlying business. This
approach leads us to focus on companies with durable competitive advantages that are managed to
grow per share intrinsic value over the long run.

Our Team

Thomas M. Bancroft III

Managing Partner & Portfolio Manager

Tom founded Makaira in 2007 after spending 13 years at Plaza Investment Managers, the investment division of GEICO. Tom was a Senior Managing Director and the Portfolio Manager for the $3.5 billion equity portfolio of the insurance company. Tom started his career as a journalist and wrote for Forbes Magazine.

Joon Lee

Partner & Analyst

Prior to co-founding Makaira, Joon was an analyst at Plaza Investment Managers. Prior to Plaza, he was an associate at Centre Partners and Donaldson, Lufkin & Jenrette. Joon received his B.S. in Economics from the Wharton School of the University of Pennsylvania.

Adam Garcia

Partner, COO & CFO

Prior to joining Makaira, Adam was the assistant controller at Watershed Asset Management. Prior to Watershed, he was an associate at HighVista Strategies and an account manager at JPMorgan Hedge Fund Services. Adam received his M.S. in Investment Management from Boston University.

Matthew Bruno

Partner & Analyst

Prior to joining Makaira, Matt was an analyst for Vicuna Advisors. Matt received his B.S. in Biology from Williams College.

sean lawrence

Head of Business Development and Investor Relations

Prior to joining Makaira, Sean was an investor relations associate at Kawa Capital Management. Prior to Kawa, Sean was a business development account executive with the University of Miami. Sean received his B.S in Sport Management and MBA from Ithaca College. Additionally, Sean holds the Chartered Alternative Investment Analyst (CAIA) designation.

Lauren Nester

Executive Assistant

Prior to Joining Makaira, Lauren was an operations manager for Sunol Hills, LLC. Prior to Sunol, Lauren was an office administrator for a family owned construction company. Lauren received a B.S. in Psychology from California Polytechnic State University.

Contact US

General Inquiries

[email protected]

Investment Inquiries

[email protected]


(858) 626-2929


(858) 408-3397