History: Public Equities
1998
Pacifica Capital Investments, LLC is founded by Steve Leonard. He was attracted to the opportunity to apply to public equities the “value investing” approach that Pacifica deployed so successfully in commercial real estate in Los Angeles in the 1980s and Denver in the 1990s. Steve finds investing in public equities particularly appealing for two key reasons: the availability of strong companies combined with the ability to take advantage of regular mispricing in the stock market (as opposed to the longer real estate cycles).
2002
Kari Lambert joins Mr. Leonard, adding depth to the research and investment processes utilized to buy and sell stock in public companies, as well as creating the infrastructure to service Pacifica’s growing client base.
2000s
Following the burst of the dot-com bubble, Pacifica identifies several growth-oriented consumer/retail and financial services companies we are able to buy at prices that we believe are at significant discounts to their intrinsic values. Several of these companies we still hold today.
2005
With $72 million in assets under management, Pacifica is rejoined by Blake Isaacson, this time as Principal of Sales & Marketing.
2010s
Leading up to the Great Recession, Pacifica holds significant cash balances finding opportunities to invest in quality businesses at reasonable values scarce. Following the stock market crash, however, Pacifica has the liquidity to buy its favorite businesses at large discounts to its estimate of intrinsic value while remaining focused on capital preservation.
2011
Blair Bodek joins the firm as an Analyst, bolstering Pacifica’s research capabilities. Having a strong foundation in Pacifica’s investment philosophy from the very start, Mr. Bodek plays a crucial role in further refining and establishing new methods to uncover value in public markets.
2020s
Pacifica enters 2020 with high cash balances as once again it is difficult to find new opportunities to deploy cash in businesses that meet our criteria during the longest bull run in history. When the market falls due to the COVID-19 pandemic, Pacifica invests much of its cash balances in companies we believe are trading at attractive prices.
Pacifica remains disciplined in implementing its value-oriented investment philosophy as the stock market indexes continue to reach new highs.
2024
In July, Kari Lambert assumes the role of CEO as Pacifica implements the firm’s succession plan following the sudden and unexpected passing of Steve Leonard. Despite the unforeseen circumstances, Pacifica remains “business as usual”, thanks to the strong foundation and culture built by Mr. Leonard and the Pacifica team.
In addition, Pacifica welcomes Adi Leonard, Steve Leonard’s daughter, as its Chief Operating Officer. Adi brings almost a decade of experience in private equity from which she draws to help in evaluating investment opportunities and making capital allocation decisions.
Steve Leonard’s legacy continues through Pacifica’s unwavering discipline and long-term, value-oriented approach to investing.
Pacifica Today
As of the beginning of 2024, Pacifica manages over $475 million across 261 individually managed accounts. PCI continues to implement the same value-oriented philosophy that we believe has served our clients well over four decades of investing in public equities.
