Principles

Investment approach

A few simple principles, applied consistently over a long time.

The first task is not to lose. We measure risk as permanent loss of value, not as price volatility.

We have no exit date. We can wait years for the right price and hold good assets for decades.

We prefer a small number of decisions we understand deeply over broad diversification used as a substitute for analysis.

We favour businesses and properties that generate cash, supported by a liquid sleeve of the portfolio.

Moderate leverage and a liquidity reserve let us act when others are forced to sell.

We build multi-year relationships with founders and operators, contributing stable capital and calm governance.