GoldenTree's investment process has remained virtually unchanged since it was developed by CIO Steve Tananbaum in 1991. We execute a proven, bottom-up value-oriented investment process which seeks to build in as large a margin of safety as possible before exposing capital to risk.  We use relative value analysis to allocate to asset classes, strategies and positions, and to continuously resize exposures.  As absolute return investors, we actively use short positions, hedges and leverage to create alpha, manage beta and optimize our investments.