Investment Philosophy

A public-equity portfolio unique to our worldview built to take advantage of a long time-horizon, behavioral equanimity and a business owner mindset.

Purpose : Our goal is to beat the S&P500 (SPY) over a rolling 5 year period. We hold securities for long periods of time and don’t sell unless there is a fundamental shift in the thesis or if the market is generous enough to throw up more rewarding opportunities. We’re driven by the idea of picking the best stocks and avoiding the worst.

Quality: We typically run a concentrated fund of ten to fifteen dominant, resilient companies. We look for predictability and durability in the business model, strong future prospects with pricing power, a favourable competitive landscape, exceptional leadership & management and an attractive price that is somewhere between cheap and fair.

Survival: Our north-star is to outperform the market over the next three decades. Volatility doesn’t discourage us and we seek refuge in calmness during periods of panic and euphoria. We want to remain focused on the process: analysing businesses that we find interesting (and subsequently understand) and identifying patterns (or anti-patterns) through fundamental research.

Independence: We don’t manage money for external investors and have access to permanent capital that allows us to be opportunistic with deployment of cash and positioning the portfolio. Our mandate is flexible with no restrictions around size or geography but what we enjoy most is to fish around quality, proven businesses that have temporarily become unpopular.