A concentrated long-equity partnership managed by Yash Vaidya.
A concentrated long-equity partnership run by an active multi-unit restaurant owner-operator, disciplined by an owner-earnings valuation and a demanding margin of safety on every position.
Vaidya Investment Partnership is a concentrated long-equity fund managed by an experienced multi-unit restaurant owner-operator. The fund holds a small number of positions at any given time, investing only in businesses with high returns on capital, durable competitive advantages, and disciplined management, when they trade at a meaningful discount to their base-case intrinsic value. Valuations are grounded in owner earnings and assessed at the enterprise level, so leverage cannot distort potential returns. The primary risk filter is the risk of permanent capital loss, rather than price volatility. The manager’s operational experience provides practical insight into what drives long-term business success, which informs every investment decision.
Why we invest the way we do.
The three-bar standard and five-stage process.
About Yash Vaidya.
A share of stock is a fractional ownership stake in a real business. Before price enters the conversation, the fund seeks to understand what a business actually is: the economics that govern it, the moat that protects it, the people who run it, and the trajectory that defines its future.
Only when there is genuine conviction about the quality of the underlying enterprise does the question of price arise — and whether the discount to intrinsic value is wide enough to justify a commitment. Cheapness alone is never sufficient. A mediocre business bought at a discount remains a mediocre business.
Permanent capital loss, not price volatility, is the first-order risk filter. A concentrated position in a durable business that temporarily drops thirty percent is not a risk event. Owning a structurally deteriorating business bought cheaply is. The distinction matters at every stage of the process.
Markets are complex. Human behavior is unpredictable. But certain principles of business valuation and investor temperament are durable. These are the fund’s.
Every position is underwritten as if acquiring the entire company. The manager’s active experience operating multiple businesses shapes how VIP reads what separates a durable business from a fragile one — and where reported numbers diverge from underlying reality.
Risk analysis precedes return analysis. VIP invests only when base-case intrinsic value is at least three times the current price. Moat durability and balance-sheet strength are non-negotiable entry criteria, and permanent capital loss — not price volatility — is the first-order risk filter.
The fund typically holds four to eight positions at any given time. Concentration is an outcome of the standard, not a policy: if fewer names meet the standard, the fund replaces weaker theses with stronger new ones; if more qualify, the weakest existing thesis is replaced.
Most of the work is waiting. VIP holds positions for years when the thesis remains intact, and refuses to force capital into ideas that do not clear the standard. Long holding periods, low turnover, and the willingness to do nothing are features of the process — not defects.
“Time is the friend of the wonderful business, the enemy of the mediocre.”Warren Buffett
VIP employs bottom-up fundamental analysis with a strict margin-of-safety requirement. The process is applied consistently regardless of market conditions.
Every position must clear all five stages of the process, and satisfy all three underwriting bars, before capital is committed. No shortcuts. No exceptions.
Every position must satisfy all three conditions before entry. Failing any one bar is disqualifying, regardless of how attractive the others appear.
High-return-on-capital businesses — high ROIC and ROE, durable competitive moats, disciplined management, honest capital allocation. The moat itself is a margin of safety no spreadsheet can fully capture.
Base-case intrinsic value must be at least three times the current price. Valuation is grounded in owner earnings against the 30-year Treasury and measured at the enterprise level, so leverage cannot inflate apparent upside. The wider the discount, the better.
Permanent capital loss must be materially unlikely across full economic cycles. Cyclicals with weak balance sheets are excluded, regardless of headline valuation. Volatility is not risk; irreversible impairment is.
If fewer names meet the standard, VIP does not force new positions. If more meet the standard than the fund can hold, VIP replaces the weakest existing thesis with the strongest new one. The fund does not chase sector exposure, market-cap targets, macro themes, or thematic rotation.
Capital moves only when a business clears every stage of the standard. Positions are exited when fair value is reached or the underlying thesis is broken.
“It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”Warren Buffett
“It’s much easier to find four or five investments where I have a pretty reasonable chance of being right. I’m way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage.”Charlie Munger — Daily Journal AGM, 2021
Yash Vaidya is the general partner and portfolio manager of Vaidya Investment Partnership, which he founded in 2016. He has been investing personally since 2013.
He is a self-taught investor grounded in the value-investing tradition. He approaches companies as an owner of businesses, having built his framework through years of independent study and extensive hands-on work reading financial statements. He studied economics at USC.
In addition to managing the fund, he actively operates multiple businesses in the QSR sector in the Los Angeles area, providing him with practical insight into what makes businesses durable over the long term — the same lens he applies to every company the fund owns.
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This website is published by YPV Management LLC (“YPV,” the “General Partner,” or the “Manager”), a Delaware limited liability company, in its capacity as the general partner of Vaidya Investment Partnership, LP (the “Fund”), a California limited partnership. The website is provided for general informational purposes only to persons with whom the Manager has a preexisting substantive relationship. The information here is not intended as investment advice, an offer of advisory services, or a solicitation of any kind.
Nothing on this website constitutes an offer to sell, or a solicitation of an offer to buy, any security or interest in the Fund. Any such offer or sale will be made solely to eligible investors pursuant to definitive offering documents (including a Confidential Private Placement Memorandum, Limited Partnership Agreement, and Subscription Documents) provided directly by the Manager. In the event of any conflict between this website and those offering documents, the offering documents control in all respects.
Interests in the Fund are being offered and sold in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation D promulgated thereunder. Interests are offered only to persons who are “accredited investors” as defined in Rule 501(a) of Regulation D. The Manager does not engage in general solicitation or general advertising with respect to the Fund. Access to this website should not be construed as such.
YPV Management LLC is an Exempt Reporting Adviser (ERA) filed with the U.S. Securities and Exchange Commission (SEC) under Section 203(m) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”). YPV Management LLC is not a registered investment adviser under the Advisers Act or under the laws of any state. As an Exempt Reporting Adviser, YPV Management LLC is subject to a limited set of SEC and state regulatory requirements and is not subject to the full body of rules applicable to registered investment advisers. Prospective investors should not draw any inference from the Manager’s ERA status as to the merits of an investment in the Fund.
Nothing on this website is intended to be, and should not be construed as, investment, tax, or legal advice, or a recommendation or endorsement of any particular security, transaction, or investment strategy. Prospective investors should consult their own independent legal, tax, and financial advisers before making any investment decision.
This website may contain forward-looking statements reflecting the Manager’s current views about investment philosophy, process, and market conditions. Words such as “believe,” “expect,” “anticipate,” “intend,” “will,” and similar expressions identify forward-looking statements. Such statements are inherently uncertain, are not guarantees of future results, and involve known and unknown risks and uncertainties. Actual results and events may differ materially from those expressed or implied. All investing involves risk, including the possible loss of principal. The Manager undertakes no obligation to update any forward-looking statement to reflect subsequent events.
Past performance is not indicative of, nor a guarantee of, future results. No representation is made that the Fund will or is likely to achieve results comparable to any historical figures shown, or that any investor will not incur losses. Investment in the Fund involves substantial risk, including risk of loss of the entire investment.
The Fund is a California limited partnership. Interests in the Fund have not been registered under the Securities Act, the securities laws of any state, or the securities laws of any other jurisdiction, and are being offered and sold in reliance on exemptions therefrom. The Interests have not been approved or disapproved by the SEC, any state securities commission, or any other regulatory authority, and no such authority has passed upon or endorsed the merits of the offering or the accuracy or adequacy of any information on this website. Any representation to the contrary is a criminal offense.
This website is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to applicable law or regulation, or where the Fund or the Manager is not authorized to conduct such activity. Persons accessing this website are responsible for informing themselves of, and observing, all applicable restrictions.
This website may contain quotations from, or references to, third parties (including Warren Buffett and Charlie Munger). Such content is included for illustrative or educational purposes only and does not constitute an endorsement of the Fund, the Manager, or any investment strategy by those third parties. The Manager does not represent that any third party is affiliated with the Fund or has approved any statement made on this website.
This website does not collect personal information from visitors beyond that voluntarily submitted through the “Request Information” form. Information submitted is used solely to evaluate whether a preexisting substantive relationship can be established prior to any communication about the Fund. Any information the Manager may otherwise receive in connection with the operation of the Fund is not sold, rented, or otherwise disclosed to unaffiliated third parties except as required by law or in connection with the operation of the Fund.
Last updated: September 2026.
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By entering the access code and clicking “I Acknowledge & Enter,” you affirm each of the statements above and represent that the access code was provided to you directly by the Manager in the context of a preexisting substantive relationship. Vaidya Investment Partnership, LP is a California limited partnership. YPV Management LLC, a Delaware limited liability company, serves as its general partner and is an Exempt Reporting Adviser with the SEC. Interests are offered only to accredited investors under Rule 506(b) of Regulation D.