Our public market approach rests on fundamental analysis. We study businesses, not tickers. We look at earnings power, capital allocation, and the durability of competitive position.

We hold a concentrated set of positions in which we have genuine conviction, rather than a wide basket assembled for diversification alone.

Holding periods are measured in years, not quarters. We are comfortable being early and comfortable being out of step with short-term sentiment.

Risk management is about capital preservation first. We size positions deliberately and avoid leverage that could force a decision at the wrong time.