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Our research focuses intensely on understanding the real free cash flow we 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. We 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


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


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


Our 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.

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