Investment Framework

My goal is simple: own a small group of exceptional businesses for a long time. I focus on capital-light companies with durable advantages, pricing power, and room to reinvest at high returns.

I’m less interested in predicting the next 12 months and more interested in understanding what can compound for the next 10 years.

What I Look For

• Durable advantage: a moat grounded in switching costs, network effects, scale, or embedded distribution.
• Capital-light economics: high incremental returns without heavy reinvestment requirements.
• Reinvestment runway: multiple ways to deploy earnings at attractive rates for years.
• Owner-oriented management: sensible incentives, rational capital allocation, and long-term thinking.
• Business clarity: I want to understand why the business wins, and what could break it.

How I Make Decisions

• Business first, price second: I’m happy to watch great businesses for years. Price determines timing, not interest.
• Concentration is earned: I concentrate when I understand the business and the odds are favorable, not because it’s exciting.
• Base rates matter: most companies do not compound for decades. I prefer the small subset that can.
• Capital allocation is the hidden lever: buybacks, reinvestment, and M&A quality often matter more than macro stories.

What I Avoid

• Businesses that require constant heavy capital just to stay in place.
• Low-quality growth that depends on easy financing or promotional sentiment.
• Complex situations where I can’t explain the edge in plain language.
• Short-term macro bets disguised as “fundamentals.”

Temperament & Risk

I assume volatility is the entry fee for compounding. The real risk is owning a business that cannot sustain high returns on capital, or paying a price that eliminates forward returns. I prefer fewer decisions, higher conviction, and longer holding periods.