This relationship starts with understanding your mandates: investment policy, governance requirements, spending needs, ESG considerations. These evolve. Boards change, policies update, circumstances shift. We adapt through ongoing dialogue with portfolio managers.
Your objectives and constraints drive our decisions. You work directly with the portfolio managers making those decisions. No layers, no intermediaries, no client service representatives. Every conversation involves the people managing your capital.
Stable teams create stable relationships. We’ve been independent since 1982 and are structured to remain that way for generations. They learn your governance requirements, understand your objectives, and adapt to your evolving mandates.
Patience creates tangible benefits. Low turnover reduces transaction costs. We own 25 companies we know intimately, not a broad list we know superficially. Deep knowledge reduces risk. We typically hold them for five years or longer to benefit from long-term compounding.
We explain the investment thesis for every holding. What we expect to happen and what would cause us to exit. You’re never surprised by portfolio changes because we communicate them proactively.
We want identical outcomes. We invest virtually all our liquid wealth in the same positions as you. When the portfolio underperforms, it affects our family wealth identically. Same risk. Same reward.
