Our Principles
A framework for judgment, not a substitute for it.
Think in decades.
A longer horizon allows structural change to matter more than the next reported result. Patience remains conditional on the underlying economics.
Price and value are different things.
The quoted price is observable; value requires judgment. We consider both the assumptions behind that judgment and the margin for error.
Concentration requires conviction.
A concentrated allocation demands a clear thesis, an understanding of downside and a willingness to revise the thesis when evidence changes.
Liquidity is an asset.
Accessible capital protects the ability to meet obligations and preserves the freedom to act without being forced to sell.
Complexity is not sophistication.
An investment should be intelligible. Additional layers must earn their place through economic purpose rather than obscure the source of risk.
Independent thinking requires intellectual independence.
We distinguish evidence from consensus and test our own assumptions with the same care we apply to those of others.
Capital preservation precedes capital compounding.
Avoiding permanent impairment matters before pursuing growth. The prospect of return does not remove the need to understand what can be lost.