Philosophy
Our Investment Philosophy
We invest in the kind of businesses that reshape industries—and create lasting value while they do it. Innovation matters, but it’s only half the story.
To build real wealth, companies need profitable models, efficient reinvestment, and the ability to scale through modern infrastructure: intangibles like software, data, and brand. That’s where we focus.
Long-Term
Value Creation
- The most valuable companies in the world have the combination of Revenue Growth PLUS High Returns on Invested Capital.
- We invest in rare businesses where growth and capital efficiency compound together, driving value creation over time.
- Very few companies in the market have this dynamic.
What We Believe
Innovation must be paired with discipline.
Breakthrough ideas are exciting, but we look for the ones that can scale efficiently and profitably. Vision is nothing without execution.
The best businesses build reinvestment engines.
We target companies that generate cash and redeploy it to strengthen their advantage. Growth is good. Funded growth is better.
Intangibles are the new infrastructure.
Software, AI, network effects, brand equity—these are the drivers of tomorrow’s market leaders. We look for companies that compound through these assets.
Concentration is a feature, not a flaw.
We build focused portfolios to let our highest-conviction ideas do the heavy lifting. Outperformance comes from depth, not breadth.
Returns follow capital efficiency.
We seek the rare pairing of strong revenue growth and high returns on invested capital. That’s the engine of long-term compounding and the foundation of our strategy.
Investment Process
1. Initial Screening
- Innovative?
- Consistent revenue growth
- Attractive margin structure
- Strong returns on capital
- Fortress balance sheet?
2. Initial Research
- Competitive advantages?
- Favorable industry dynamic?
- Potential for future growth?
- Business model proven to generate economic value?
3. Deep Dive Research
- Effective management?
- Strong vision and strategy?
- Good culture?
- Track record of effective reinvestment?
- Excellent capital allocators?
- Duration of growth not fully appreciated?
4. Decision Process
- Worthy of owning the whole business?
- Fair valuation?
- What role does it play in portfolio effect?
- Range of outcomes?
