“We like to hold names for long periods of time; five, seven, ten years; because that is where you can exploit inefficiencies in the market.” - Paul M. Black

Paul M. Black's statement about holding names for long periods, such as five, seven, or ten years, refers to a long-term investment strategy. By "names," he is likely referring to stocks or companies. Here's a breakdown of what he means:

1. Long-Term Holding: He emphasizes the importance of holding investments for several years. This strategy contrasts with short-term trading, where investors buy and sell quickly to capitalize on short-term market movements.
2. Exploiting Inefficiencies: Market inefficiencies occur when stock prices do not reflect their actual value due to market sentiment, lack of information, or economic events. Investors can benefit from these inefficiencies by holding investments over a long period. Over time, as more information becomes available and the market corrects itself, the actual value of the investments may be realized.
3. Patience and Stability: Long-term investment strategies often involve patience and focusing on companies' fundamental values. By holding stocks for many years, investors can ride out short-term volatility and benefit from their growth and performance over the long run.

In essence, Paul M. Black advocates for a long-term investment approach that takes advantage of market inefficiencies and focuses on the underlying value of investments rather than short-term price movements.

Paul M. Black is currently the Chief Executive Officer & Director at Allscripts LLC since 2015. He is also an Independent Director at HealthEquity, Inc. and a Consultant at Thomas H. Lee Partners LP since 2022. Additionally, he holds positions as a Director at Saepio Technologies and 3&2 Baseball. In his former roles, Mr. Black served as the Chief Executive Officer & Director at Allscripts Healthcare LLC from 2012 to 2022. He was also the Chairman of University Health from 2001 to 2013 and an Independent Director at Haemonetics Corp. from 2011 to 2014. Furthermore, he held positions as a Director at Netsmart Technologies, Inc. and Connextions, Inc., and he was a Director at Veradigm, Inc., in 2022. Before that, he was the Chief Operating Officer and Executive Vice President of Cerner Corp. from 1994 to 2007. He also served as an Operating Executive at Genstar Capital Management LLC and as a Board Member at Great Point Partners LLC and Great Point Partners Private Equity. Mr. Black obtained an undergraduate degree from Iowa State University and an MBA from the University of Iowa.

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