Portfolio &
Money Management


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4 Landmark Square
Suite 303
Stamford, CT 06901
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NS Capital LLC is a Registered Investment Adviser. NS Capital and its representatives are in compliance with the current filing requirements imposed upon registered investment advisers by those states in which NS Capital maintains clients. NS Capital may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. NS Capital’s web site is limited to the dissemination of general information pertaining to its advisory services, and through the NS Blog access to additional investment-related information, publications, and links.  Accordingly,  NS Capital’s web site on the Internet should not be construed by any consumer and/or prospective client as NS Capital’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.  Any subsequent, direct communication by NS Capital with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of NS Capital, please contact the SEC or the state securities regulators for those states in which NS Capital maintains a notice filing.  A copy of NS Capital current written disclosure statement discussing NS Capital’s business operations, services, and fees is available from NS Capital upon written request. NS Capital does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to NS Capital’s web site or incorporated herein, and takes no responsibility such content.  All such information is provided solely for convenience purposes only and all users should be guided accordingly.


Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by NS Capital), will be profitable or equal any historical performance level(s).


Certain portions of NS Capital’s web site (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, NS Capital (and those of other investment professionals) positions and/or recommendations as of a specific prior date.  Due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s).  Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from NS Capital, or from any other investment professional. NS Capital is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 


Rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if NS Capital is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of NS Capital by any of its clients.  Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser. Each client and prospective client agrees, as a condition precedent to his/her/its access to NS Capital web site, to release and hold harmless , NS Capital’s officers, directors, owners, employees and agents from any and all adverse consequences resulting from any of his/her/its actions and/or omissions which are independent of his/her/its receipt of personalized individual advice from NS Capital.

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What is required for active management to create the potential for long-term outperformance?

Everyone would love to have outstanding performance. The real question is whether you are willing to be different.

You cannot be the same as everyone else and expect to outperform. That may seem obvious, but it is an imperative point to repeat - you have to assemble a portfolio that is different from those held by most investors. If your portfolio looks like everyone else’s you may do well, or you may do poorly, but you cannot do better.


Being different is essential because if you want outstanding long-term performance you must escape from the crowd. There are many ways to try, such as: 

  • being active in inefficient markets;

  • buying things that others haven’t found, don’t like or consider too risky to touch;

  • avoiding market darlings that the crowd thinks can’t lose.


And, concentrating on a small number of things that you think will deliver exceptional performance because a huge bonus of a concentrated portfolio is that you can buy a lot of what you like.

The mantra for the retail asset management business is that it is better to fail conventionally than to do something different from the herd and succeed unconventionally.


Yet, in terms of conventional asset allocation, one of NS Capital’s key principles for active management is, mindless diversification is not a substitute for intelligent thought.


NS Capital always looks for money managers that have the intellectual skill and emotional gift to stray from the crowd. When it comes to investing, you must give yourself the chance to fail from time to time. Failure isn’t anyone’s goal but rather an inescapable potential consequence of trying to do well. To succeed at any activity involving the pursuit of gain, you must be willing and able to withstand the discomfort that comes with the possibility of loss. The key is to invest judiciously, to have more successes than failures and to make more on your successes than you lose on your failures.

A winning strategy cannot lie in rigid tactics, public formulas or loss-eliminating rules. Nor can it rely on complete risk avoidance. Managing risk is not the same as eliminating risk. To eliminate risk is to limit returns. Superior investment results can only stem from skills that help identify when risk-taking will lead to gain and when it will end in loss. When it comes to active portfolio management there is no alternative.


For us, the key is not to be risk averse; it is to be risk aware.