We see opportunity where others see complexity.
Markets are driven by human behaviour: fear of complexity, need for near-term certainty, comfort in crowds. These biases create mispricing. We built our firm to exploit them.
We are owners, not traders.
We bought General Electric ahead of the restructuring that would create GE Aerospace. The market saw complexity. We saw a durable franchise: 70% of revenue from aftermarket services contracts that last 30 years. A duopoly unchallenged in fifty years—trading at half our valuation. The stock is We invest in durable franchises mispriced by complexity. Where others see problems and retreat, we distinguish temporary noise from permanent impairment. We hold until our investment thesis plays out—or breaks.
We run a concentrated portfolio: 25 positions, typically 4% at purchase, held five-plus years—built to take advantage of the mispricing that short-term capital creates.
We don’t just manage this portfolio. We buy it. All our liquid wealth is in these same 25 positions. Same risk. Same reward.
This approach works for investors comfortable with concentration and holding through full market cycles.
