— Philosophy

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

The goal is simple but not easy: 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.