This book is written by hedge fund manager Eric Chung, the Chief Investment Officer of Lighthaven Capital, and Lighthaven’s former Chief of Staff, Catherine Smith. It introduces Lighthaven Capital’s world-class long-short equity investment strategy. This strategy has yielded the impressive results of the Lighthaven Fund that can be found at: www.lighthavencapital.com.“The Long and the Short of It” teaches readers about concepts and methods that are essential to investing. Topics include: idea generation, screening financial fundamentals, due diligence, quantitative analysis, qualitative analysis, scuttlebutt interviews, Lighthaven’s approach to company valuation, critical thinking, avoiding mental errors, making good decisions, entering the market, monitoring investments, and assessing whether to exit. In addition, the appendices provide insight into some of the web-based tools and analytical frameworks that Lighthaven uses to research and evaluate investment candidates. In this second edition of the book are three new chapters that discuss the following: Lighthaven’s concept of market modes; Lighthaven’s parachute plan; and Lighthaven’s view on volatility, risk, and the three most important risk questions.