Lets just say they take lumpy positions in names they do a ton of work on. I know many of the PMs in the space and these guys know names cold. You can mention a one-off to them and they can speak for 5 minutes extemporaneously on a name. Dont they have had a number of companies they have successfully taken chunky positions in and gotten sold for multiples of market cap.
I live about 5 mins from their offices. They have a suite in fairly normal office tower in the northern suburbs of San Diego. The other day when I drove by I thought about dropping in to have a chat with Mr Lappe.