This conversation is part of our special series, “Best Practices for Building a Great Investment Firm”. We speak with established and emerging leaders in fund management, institutional capital allocation, and family offices to uncover enduring principles for long-term success.
Will Thomson’s path in investing is rather unconventional: Before launching Massif Capital, he cut his teeth managing a credit and political risk insurance portfolio at Lloyd’s of London and even spent time advising NATO commanders in Afghanistan. Those experiences gave Will a global perspective on risk and set the stage for the independent thinking that now defines his approach to investing.
In 2016, Will founded Massif Capital as a value-oriented investment partnership focused on the “real asset” arena — global energy, basic materials, and industrial businesses with tangible, long-lived assets. Massif takes a patient, long-term view, and has the ability to ride out short-term volatility in pursuit of outsized returns. The firm’s focus is deliberately niche: it looks for value in underappreciated sectors that others often ignore — from mining and metals to energy infrastructure and manufacturing — areas where the Wall Street herd often lacks insight.
Will’s investment philosophy stands out. He doesn’t hunt for just cheap ratios or popular names; instead, he looks for situations where the market is mispricing risk or misunderstanding a company’s true worth. As Will puts it, successful investing means being “historically informed and intelligently contrarian” — learning what others haven’t and seeing things as they are rather than as they are assumed to be. This contrarian streak, backed by rigorous fundamental research, gives Massif the confidence to invest in complex, asset-heavy industries even when sentiment is bleak. The goal is always to protect and grow the capital entrusted by investors by owning solid businesses that can thrive over the long run, even if it means going against the prevailing narrative.
Over the years, Will has become a familiar presence in the MOI Global community — you may have heard him share ideas at our online conferences or at intimate gatherings like The Zurich Project. He’s also highly regarded among value investors broadly and has been a member of the Value Investors Club.
In this interview, conducted by MOI Global’s Tyler Howell and recorded in March 2025, we have the opportunity to dive deeper into Will Thomson’s world. The conversation explores what it takes to run a differentiated investment firm and remain an independent thinker in today’s complex world. Will reflects on the lessons from his unconventional journey, the principles behind Massif’s strategy, and the importance of staying true to one’s convictions amid change. We hope you’ll find the discussion insightful.
John Mihaljevic, MOI Global’s chairman, holds a passive investment in Massif Capital. This interview is for educational and informational purposes only and should not be construed as investment advice or a solicitation to invest in any fund or security. Please conduct your own diligence before making investment decisions.
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