Investment Approach
We try to keep our process plain: own a small number of high-quality public companies, buy them at sensible prices, and let time do the heavy work. The discipline is in saying no, often, to the many things that fall outside this circle.
01
We look for businesses with durable competitive advantages, high returns on capital, and the capacity to reinvest at attractive rates.
02
Capable, honest management teams who behave as owners. We read what they write and we watch what they do over time.
03
A focused portfolio of names we understand deeply. Diversification is a tool, not a goal.
04
Even great businesses are bad investments at the wrong price. We wait for the price we want.
05
Time in the market — not timing the market. We aim to hold our best ideas for many years.
06
We keep a written record of our reasoning and revisit it. Mistakes are studied, not hidden.
Warren Buffett