Time Horizon: We prefer to hold exceptional businesses for decades and minimize taxes. Our investor base is solely comprised of partners who are fully aligned with this long-term horizon. Our perspective is that of the business owner, not a typical hedge fund manager.

​

Laser-like Focus on Long Term Compounding: We seek to own businesses with exceptional economic characteristics, sustainable competitive positions, long growth runways and talented managers who can grow economic value per share at high rates for decades.

​

High Hurdle Rate: We believe an essential component of successful long-term investing is maintaining high hurdle rates.

​

Risk: Our primary source of margin of safety is business quality (as evidenced by recurring revenues and high returns on tangible capital). We define risk as the risk of permanent loss of capital, not volatility in price.

​

Concentrated Portfolio: We believe that concentrating in your best ideas maximizes the probability of earning outsized returns.