Invest

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.

• 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.