All intelligent investing is value investing.
— Charlie Munger

About Us

Granite State Capital Management, LLC (GSCM) is a value-oriented registered investment advisor founded by Eric Schleien. GSCM maintains a focus, but is not limited to, identifying opportunities among ignored and obscure securities which tend to be either undiscovered or misunderstood by the wider market. We focus in this area due to the high barriers to entry and low competition market environment leading to more inefficiently priced securities. Large hedge funds and institutions will often not be willing or able to look in these areas leading to higher inefficiencies.


GSCM employs a long-only, value-oriented approach specializing in unconventional securities due to the higher nature of inefficiencies. While not confined to this approach and will seek value wherever we can find it, as long as capital continues to flows to index funds where the largest securities get a disproportionate amount of capital — we expect to continue to find the most value in mostly non-indexed securities.

Manager | Eric Schleien

Eric Schleien has been passionate about value investing since he’s 14 years old when he read his first book on Warren Buffett. Mr. Schleien has been managing his own capital since February of 2005 and now manages his investment partner’s money in the same way he manages his own through separately managed accounts. Mr. Schleien values having highly intelligent and rational investment partners over being an asset gatherer. Based off that principle, GSCM has an incentive structure for qualified investors which rewards outperformance overtime as opposed to just being paid for gathering more assets. Mr. Schleien’s inspiration comes from the early Buffett partnership in the 1960’s as well as from Seth Klarman, Joel Greenblatt, and Charlie Munger.

Account Protection

All accounts managed by GSCM use Interactive Brokers, LLC for both execution of trades and as our custodian of securities for our separately managed accounts. Customer securities accounts at Interactive Brokers LLC are protected by the Securities Investor Protection Corporation ("SIPC") for a maximum coverage of $500,000 (with a cash sublimit of $250,000) and under Interactive Brokers LLC's excess SIPC policy with certain underwriters at Lloyd's of London for up to an additional $30 million (with a cash sublimit of $900,000) subject to an aggregate limit of $150 million. As with all securities firms, this coverage provides protection against failure of a broker-dealer, not against loss of market value of securities

For the purpose of determining an Interactive Brokers LLC customer account, accounts with like names and titles (e.g. John and Jane Smith and Jane and John Smith) are combined, but accounts with different titles are not (e.g. Individual/John Smith and IRA/John Smith).

SIPC is a non-profit, membership corporation funded by broker-dealers that are members of SIPC.

Custody & Execution: Interactive Brokers, LLC