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BUSINESS ORIENTATION

My research focuses intensely on understanding the real free cash flow I would be entitled to as an owner of a business in its entirety, and the elements that might threaten protect or augment those cash flows. I believe that institutional constraints and human emotion often drive prices away from intrinsic value, allowing our partnership the ability to leverage a highly favorable aspect of public market investing – the ability to invest at any time at a quoted price

QUALITY

In theory, I seek to own unregulated capital-light monopolies that sell an essential good with high and structurally growing demand. In practice, however, I aim to find some of these elements present in businesses that I am able to purchase for substantially below intrinsic value. 

UNCONSTRAINED

There are many ways to make money, but I will focus on situations where my analytical capabilities, temperament, and long-term investment horizon serve as inputs to success. Against this background, I intend to focus my research efforts on the best opportunities I can uncover, irrespective of geography or market cap. 

CONCENTRATION

My portfolio construction is an output of high investment standards, intense company specific research, and a willingness to ignore short term mark-to-market noise in favor of real business fundamentals.