An Unconventional Path to a Unique Process
I founded Merlin Asset Management with a clear mission: to deliver superior returns by investing in the world’s best companies. We focus on high-quality, fast-growing U.S. traded companies across our Small Cap, SMID Cap, and Large Cap Growth portfolios, targeting 10-15% annualized returns over a full economic cycle.
But our process for achieving this is what truly sets us apart.
A Foundation of Resilience
My journey to founding Merlin was unique and deeply personal. I was raised in an academic family in communist Poland—both of my parents were psychology professors—in a country shaped by a constant fight for independence. For generations, my ancestors, including my father, were exiled to remote regions of the Russian empire. When Martial Law was declared in 1981, my parents’ biggest hope was for me, their only child, to live somewhere I wouldn’t be sent to a Russian gulag.
While that history served as the catalyst for my move to the United States, the roots of the dream were planted during a visit in 1978. Experiencing the vibrant energy of Manhattan and the breathtaking scale of the West Coast provided a powerful glimpse of the freedom and opportunities that a dynamic society can offer.
I moved to New York City in 1986 to pursue graduate studies in psychology at The New School for Social Research, which ultimately led to a Ph.D. and a successful career in neuroscience, with a specialization in schizophrenia research. This background in understanding the complexities of the human mind would become the unexpected foundation for my future firm.
While my academic path was rewarding, my fascination with the markets led to a career change. I understood that investing isn’t only about numbers; it involves human behavior, discipline, and overcoming emotional and cognitive biases that frequently hinder performance.
With no formal finance background, I enrolled in the CFA program. Passing Level I led to a chance meeting with an asset management CEO, and within months, I had transitioned into finance. My responsibilities included not only investment analysis but also evaluating and presenting the firm’s investment process to institutional consultants—an invaluable experience that shaped the foundation for Merlin.
Our Edge: Where Psychology Meets Finance
My background in psychology and neuroscience is not just a part of my history; it is Merlin’s strategic edge.
This perspective is foundational to our proprietary Merlin Investment Process, a structured and repeatable methodology that blends rigorous, data-driven analysis with a deep understanding of behavioral finance. This enables us to remain rational and identify compelling opportunities that others may overlook. Key characteristics of our process include:
- Benchmark-Agnostic: Our portfolios are built from the bottom up, based on conviction in individual companies, rather than tracking an index.
- Equal-Weighted Approach: We diversify risk by assigning each holding an equal weight upon entry, ensuring every position contributes meaningfully to returns.
- Low Turnover: The process results in high-conviction and high active share portfolios built for the long term.
A Record of Consistent Performance
Our goal is to compound our clients’ capital through this consistent and transparent approach. For over a decade, Merlin’s strategies have ranked among the top in their style, and our firm has grown almost exclusively through client referrals—a testament to our disciplined process and results.