It seems only fair that we should generate the most returns from our best ideas and there is little to be gained from diversification for the sake of it — we therefore seek to concentrate our portfolio across 8-15 investments.

We seek to invest in exceptional businesses with a demonstrated ability to efficiently allocate capital, consistently generate free cashflow, and compound intrinsic value over a very long time horizon.

Over time, the market transfers wealth from the impatient to the patient. Our edge is temperament — only by looking further out than the short-term crowd can we expect to beat them. We will not confuse activity with conviction.

Whilst we seek partners who share the same long-term mindset we have, our investment partnership is open-ended allowing for liquid redemptions. No fixed term. No maturity.

We assess opportunities globally. In practice, we expect to be heavily weighted toward US listings — but we skew towards businesses with meaningful revenue diversification across global markets.

We will not seek to enhance our returns through the use of leverage, or the frequent trading of any derivative instruments. Our focus is to seek compounding intrinsic values in the underlying businesses that we own.

The majority of our personal wealth is invested within the exact same vehicle as our partners — we invest under the same fee structure, subject to the same high water mark. No side pockets. No preferential terms.