Palm Valley Capital Management was founded on the bedrock of an absolute return investment process.  Our goal is to deliver an attractive return over a full market cycle, consisting of both a bull and bear market.  We will only assume risk when we are being adequately compensated.  We will never knowingly overpay for a security in order to maintain a fully invested portfolio or to enhance near-term relative returns.  Instead of overpaying, we will remain patient, hold cash, and search for more appealing investments.  We believe our investment process enables us to reduce the risk of permanent capital impairment, while also providing us with the necessary flexibility to take advantage of future opportunity.