Bandera Partners LLC

Founded in 2006 by Gregory Bylinsky and Jefferson Gramm, Bandera Partners is a New York-based hedge fund that executes a concentrated, "deep value" activist strategy. The firm is best known for its "scouring the markets for 50-cent dollars" philosophy, typically maintaining a lean portfolio of roughly 10 to 15 holdings. Bandera specializes in the micro-cap space, where they target misunderstood or under-managed companies and use their significant stakes to drive structural changes, ranging from board overhauls to outright company sales. The firm’s intellectual DNA is rooted in the "Columbia school" of value investing, with Jefferson Gramm—author of the acclaimed corporate governance history Dear Chairman—serving as a prominent voice on shareholder rights and boardroom dynamics. While Bylinsky brings a background in distressed credit and special situations, the duo operates with a long-term horizon, often holding positions for a decade or more. This patience, combined with a willingness to engage in public proxy battles when necessary, makes Bandera a formidable player in the niche world of small-cap activism.