Our Philosophy

Thoughtful allocation meets consistency.

Our investment philosophy is the result of a career's worth of research, analysis, and experience. We regard our philosophy as a living document — one which reflects our learnings over time and updates as we research and develop novel approaches and methods.

As of writing, we would triangulate our philosophy using the following notes:

1. We care about what we pay. Every investment is a good one at a low enough price. We spend little time figuring the fair value of the securities we buy and more time figuring the unreasonably cheap price at which we would like to buy - and we do our best to buy at prices far below that threshold.

2. We never compromise on integrity. We care what managers choose to tell us and what we have to find out on our own. We will ruthlessly scrutinize the integrity of managers, because we have no choice but to rely on them.

3. We love what we do. The investment profession can be old, gray, and boring. We think the opposite — that it's the most dynamic way to create, grow, and preserve a legacy. Nothing excites us more.

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