Alternative asset management firm Longboard is fun to write about—for one thing, it offers many metaphorical possibilities.

"We observe the oceans of opportunity and catch the wave," Cole Wilcox, Longboard's CEO, explained to AdvisorOne at the 2012 Morningstar Investment Conference in Chicago. "The tool is right, because longboards are used to surf the large waves, of which we want to get out in front. Short boards are for smaller waves, and we're not interested in them."

In case it wasn't obvious enough, he meant long-term cyclical trends—the average duration of one of their trades is one year, he said.

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