Kingman D. Penniman, Jr.

Principal & Portfolio Manager

Kingman's more than two decades in finance have focused on understanding and minimizing risks while pursuing abundant returns.  His passion for investing was kindled while majoring in economics.  While a student, he wrote financial commentary for newspapers nationwide regarding local businesses that had experienced significant changes in their stock prices.  The dramatic volatility in business valuations week-to-week appeared to provide a well-tempered, long-term investor a simple and powerful path to superior returns.
Upon graduating, Kingman moved to New York City to work as an equity analyst at Brundage, Story & Rose, one of the country's oldest investment council firms.  At BSR, Kingman was trained by a mentor who practiced the strategies of value-investors such as Ben Graham, Warren Buffett, and Phil Fisher.  Kingman supplemented his investing education by earning the Chartered Financial Analyst (CFA) designation in 1997. 
In 2000, he joined KDP Investment Advisors, a firm specializing in high-yield bonds, leveraged loans, and distressed securities.  At KDP, Kingman learned the negative art of bond investing.  Unlike equities, the upside potential of a bond is clearly defined by its par value, coupon, and maturity date.  With the upside known, bond investors focus their attention on what may go wrong.  Therefore, a successful bond investor masters the art of earning attractive returns for the level of risk incurred. 
This priority on placing risk first remains of primary importance to Kingman's management of The Alchemist Fund.  Warren Buffett has said, “The first rule in investing is: don’t lose money.  The second rule is: don’t forget rule number one.”  In his management of The Alchemist Fund, Kingman focuses on finding mispriced securities where the probability of loss appears modest and the upside substantial. 
He lives with his wife Melissa, his sons Machlan and Schuyler, and his daughter Chloe in Montpelier, the capital city of Vermont.