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How We Invest
Investment Strategy
A Simple, Repeatable Process
Our strategy is straightforward: identify exceptional businesses, understand them deeply, and buy them only when the price offers a meaningful margin of safety. Then hold them for as long as the thesis remains intact.
We are generalists by design. We do not constrain ourselves to a particular sector, geography, or market cap. Opportunity is wherever we find it — and we are willing to wait.
We continually re-underwrite our investments to ensure the thesis still holds. While waiting for the long-term thesis to play out, we take advantage of nearer term pricing volatility by trading around the core position to dampen volatility, reduce beta, and generate yield.
Our Process
How We Find Ideas
Business Quality
We start with the business, not the stock. We look for durable competitive advantages, strong returns on capital, and management teams with integrity and long-term orientation.
Intrinsic Value
We estimate the intrinsic value of a business using conservative assumptions. We are not interested in precision — we want to be roughly right, not precisely wrong.
Margin of Safety
We only invest when the price offers a meaningful discount to our estimate of intrinsic value. The margin of safety protects us from errors in our analysis.
Patient Holding
We hold our investments for years, not months. We let compounding do the work. We sell only when the thesis is broken, the valuation is excessive, or a better opportunity arises.
What We Avoid
Businesses we don't understand
Excessive leverage at the company level
Management teams with poor capital allocation track records
Commoditized businesses with no pricing power
Macro speculation and market timing
Short-term trading and excessive portfolio turnover
Want the Full Picture?
Request our investor deck and fact sheet for a complete overview of our strategy, process, and track record.