High-conviction, long-only, owner mindset.

We invest with long-term conviction in a small number of understandable businesses.

We own businesses, not market noise. Our work is slow, repeatable, and grounded in business fundamentals. We partner with families and institutions that value patience, discipline, and capital preservation.

Approach

We focus on durable businesses with trustworthy leadership, resilient economics, and the ability to reinvest for decades. Our goal is to compound steadily, not to chase quarters.

Ownership Lens

Every decision starts with a simple question: would we buy the whole business if we could? If the answer is no, we do not buy the stock.

What we look for

  • Clear unit economics and repeat customers.
  • Pricing power earned through trust.
  • Management teams who think in decades.

What we avoid

  • Leverage-driven equity stories.
  • Complexity that hides risk.
  • Short-term incentives and financial engineering.

Research

Our research process is deliberate. We write internal memos and revisit them over time. If the facts change, we change our mind. If the thesis holds, we stay patient.

  1. Define the business model in plain language.
  2. Stress test the balance sheet and cash flow durability.
  3. Map competitive risks over a full cycle.
  4. Meet management and assess incentives and culture.
  5. Price the business with a margin of safety.

Portfolio Footprint

The portfolio is concentrated, typically 12–20 positions. Turnover is low. We size positions based on business quality, downside risk, and the strength of our understanding.

Characteristic Typical Range
Holding period 5–10 years
Top position size 8–12% of portfolio
Cash range 0–15% depending on opportunity
Geography North America, Europe, Asia

Letters

We publish occasional notes on process, mistakes, and lessons learned.

Contact

For long-term partners and business owners, we welcome thoughtful inquiries.