Understand first
We only invest where we have done the work. Understanding precedes capital.
Long horizon
We are willing to wait. Compounding requires patience and stable capital.
Margin of safety
We demand a margin of safety in every position, however attractive the story.
Independent thinking
Consensus is a starting point for scepticism, not a conclusion.
Skin in the game
We invest our own capital alongside any future partners.
Humility
We expect to be wrong sometimes. We size and structure accordingly.
- 01Idea generationResearch-led sourcing across public and private markets.
- 02AnalysisFundamental and quantitative work by the Intelligence division.
- 03DecisionInvestment committee with documented rationale.
- 04MonitoringOngoing review against thesis and risk limits.
Risk is treated as a first-class input, not an afterthought. We consider permanent loss, liquidity, concentration, leverage and the possibility that our assumptions are wrong. Position sizing and ongoing review are designed to keep one decision from defining the institution.