Passport Capital, LLC is a San Francisco-based, global investment firm founded by John H. Burbank III in 2000. Passport Capital seeks to achieve superior risk-adjusted returns through a combination of macroeconomic analysis, fundamental research and quantitative tools. It employs top-down, macroeconomic analysis to identify durable, secular changes not reflected in asset prices. It conducts rigorous fundamental research in an attempt to identify individual securities that most effectively express the firm's investment views. Finally, the firm employs quantitative tools to construct portfolios aimed at delivering superior returns within specific risk and liquidity targets. Passport Capital is a federally registered investment adviser with the United States Securities and Exchange Commission.