Orbis Investment Managment

Great firm. SF team full of smart people and gorgeous office. I really really like their fee structure of incentive fees only. Not only does it offer perfect alignment with LPs, it also rewards high performers. Obviously, their performance has been kinda rough for the past year or two. They also employ a pretty strict value philosophy leaning toward the contrarian side, so you need to make sure you really believe that. Additionally, I have heard that it can be a little more stressful than a typical LO shop because they make analysts do paper portfolios and rank performances somewhat like a MM HF. All of this is second hand information from talking to people who are/were working there.