TMR Capital is a long/short equity fund focused on deep fundamental research in neglected SMID cap companies. The fund invests in value-oriented special situations including spinoffs, bankruptcies, CEO changes, M&A, and activist involvement, seeking to identify inflection points where future earnings power differs materially from the past. The fund targets 20%+ gross IRR while managing risk through a dedicated short book, underwriting at least 10% IRR from earnings growth alone to avoid value traps. Rosenthal leverages a behavioral edge from his long-term orientation and ability to withstand quarterly volatility, enabling time arbitrage in temporarily dislocated businesses in developed markets globally