The volume and velocity of information in the world today, especially in financial markets, continues to increase exponentially. Deciphering the noise and understanding key facts is critical for the idea generation process. At K2 Asset Management, we generate ideas from numerous information channels, however getting out and meeting with companies and their management is one of the most effective ways for us. In addition to providing important insights into the performance of their own business, management can also share their views into the industry in which they operate and how the industry is evolving. It also gives us the opportunity to cross-examine competitor behaviour and validate information from other sources. Companies that are ‘cheap’ can be easily identified using quantitative screens. However understanding why they are cheap and, more importantly, identifying a catalyst which may unlock this value is the critical part of the investment process.