Time Horizon
We measure performance in decades, not quarters. Our structural advantage is a permanent capital base that allows for truly long-term decision making.
Business Quality
We seek "Perennial" businesses, those with robust moats, high returns on invested capital, fortress balance sheets, and operated by ethical and owner-centric managers.
Price Discipline
We follow the value investor's metrics of insisting on a margin of safety. We would rather miss an opportunity than overpay for a narrative.
Concentration
We believe in knowing a few businesses deeply rather than knowing many superficially.