Approach

We invest our own capital. There are no outside investors, no fees and no deadline to sell. That lets us decide on a long horizon.

What we look for

Businesses

• Owner-operated, or run by people with a real stake in the outcome
• A durable reason to exist ten years from now
• Cash that shows up in the bank account, and in the adjusted figures only after that
• Debt that could be carried through a recession

Real assets

• Productive land, buildings and infrastructure
• Income that does not depend on refinancing
• Locations and uses we can understand and visit

Digital assets

• Open networks with a fixed or predictable supply
• Settlement that anyone can verify independently
• Assets we can hold in our own custody

What we avoid

• Anything we cannot value
• Leverage we could not carry through a bad decade
• Structures that hide who owns what
• Assets that exist only as a claim on an intermediary
• Short-term trading and price forecasts

How we hold

We hold few positions and expect to keep most of them for more than ten years. We sell when a business or an asset changes for the worse, when its price runs far ahead of its value, or when we find that we were wrong.

We keep records we would be comfortable having audited, and we review every holding against the reasons we bought it.

Working with us

If you own a business and are thinking about its next generation of ownership, we would be glad to talk. We can be a patient partner, and a quiet one.

We also welcome introductions from advisers, and conversations with people who share these principles.

What we do not do

We do not manage money for others, give investment advice or raise capital. Nothing on this site is an offer or a recommendation.