How We



All of our investment strategies have the following qualities in common:

  • Patience. We are long-term investors, and so are our clients.
  • Discipline. Our process is our prime directive, and we adhere to it rigorously.
  • Ethics. We know the difference between right and wrong.
  • Economics. We invest in real businesses, not compelling concepts.
  • Concentration. Good ideas are hard to come by, so we don’t dilute the ones we have.
The principles below provide load-bearing support to our investment process:
  • Humility is irreplaceable. Hubris hurts clients, and has no place here.
  • Investing isn’t speculation. If we can’t tell what’s what, it’s a problem.
  • Costs kill compounding. Avoiding expenses is the easiest way to create value.
  • Simplicity is sophisticated. Complex frameworks are for architects, not investors.
  • Collaboration drives creativity. Our network is full of novel perspectives.
  • Many things can be true at once. The market operates with more than one mindset.
  • Change is slow, then sudden. Innovation needs space and time to mature.

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