San Francisco-based employee owned alternative investment firm that was founded in 2002. Its investment objective is to prioritize the preservation of capital while generating superior risk-adjusted investment returns over business and economic cycles. Since inception, the firm has invested in the debt and equity securities of companies, industries, and assets that are inefficiently held or financed, undergoing change, or misunderstood. Watershed is distinguished by its disciplined value investment strategy and willingness to invest in stressed situations and transactions requiring industry, company or asset specific expertise.