Investment Philosophy
We invest in businesses we understand
We study the business behind every investment: its earnings, its management and its price. We recommend what we understand well enough to hold for ten years.
Our framework
Five principles
Quality first
A business that has compounded earnings for ten years across market cycles has a structural advantage. We find that first, then look at the price.
Where we have an edge
We stay in the sectors our bankers have worked in for sixteen years: Consumer, Fintech, HealthTech, Enterprise SaaS and Transportation.
High conviction
We prefer 18 to 25 high-conviction holdings, each with a written thesis. A position without a thesis is sold.
The sell decision
We sell when the thesis changes.
Managing permanent loss
Volatility comes with returns. Permanent loss of capital is the risk we manage.
In practice
We apply it to every product we choose
Every product has a stated role and a written reason. Every private deal is vetted and priced before we offer it.
- A stated role and a written reason for every product
- Every private deal vetted and priced before it reaches you
- Every recommendation fits in one paragraph.
See what we offer
Portfolio management, alternatives, private deals and core products. Each has a clear role.