What We Stand For

Our Values

Our values are not aspirational statements — they are the operating principles that guide every investment decision we make and every relationship we build. They reflect what we believe it takes to be a great long-term investor.

Intellectual Honesty

We hold our views with conviction but update them when the facts change. We are not attached to being right — we are attached to getting it right. We actively seek out disconfirming evidence and welcome challenges to our thesis.

Long-Term Orientation

We measure success in years and decades, not quarters. We are willing to endure short-term underperformance to capture long-term value. We believe the market's short-term focus is our long-term edge.

Alignment of Interests

We invest our own capital alongside our partners. Our fee structure rewards long-term performance, not asset gathering. We will never grow the fund beyond a size that compromises our ability to generate strong returns.

Simplicity

We avoid complexity for its own sake. Our strategy is simple and our portfolio is focused. We believe that the best investment ideas are usually the simplest ones — and that complexity is often a sign of confusion, not sophistication.

Patience

We take what the market gives us. Generally this means a highly diversified portfolio, but as the risk/reward gets highly skewed during certain market dislocations, we are comfortable taking positions sizes to 10%+ and concentrating the portfolio.

Humility

We know what we don't know. We stay within our circle of competence and resist the temptation to venture into areas where we lack a genuine edge. We are students of the market, not masters of it.

"To finish first, you must first finish."

— Warren E. Buffett