Randy Waterfield recently joined the board of directors for Red Oak Partners, LLC, a hedge fund manager founded in 2003 by David Sandberg. Red Oak focuses on investing in small cap companies with identifiable growth catalysts and little research coverage, and acquiring large stakes in companies with reliable cash flows and returns. Red Oak currently manages two funds - a long only fund that has delivered over 21% annual returns and a long/short equity fund that has realized over 13% annual returns. By partnering with Waterfield Group, Red Oak has gained more capital and access to Waterfield's research resources.