— Philosophy

Capital is created before it is allocated. Every investment begins with work. Every dollar invested was first earned by creating value for others.

The goal is simple: preserve capital, compound it over long periods of time, and continuously improve the quality of decisions.

The principles guiding that process are intentionally few:

• Think long term.

• Prefer simplicity over complexity.

• Focus on process rather than predictions.

• Accept uncertainty.

• Continue learning.

• Keep incentives aligned by investing our own capital.

These principles are expected to remain unchanged regardless of market conditions.

— Current Focus

Today the company allocates capital across a small number of areas.

1. Public equities

2. Bitcoin

3. Cash and liquidity reserves

— Performance