Investment philosophy
I invest in a concentrated portfolio of exceptional, capital‑light businesses with durable competitive advantages and long reinvestment runways. Quality dominates: I prioritize sustainable moats, high ROE/ROIC, pricing power, and disciplined capital allocation. Valuation matters, but I’d rather own a phenomenal business at a fair price than a fair business at a phenomenal price.The goal is reasonably above market returns measured over years, ideally decades, with minimal portfolio turnover and adding of capital opportunistically where it best makes sense at the time.
What I look for
Durable moats
Standards, switching costs, network effects, or data advantages.
Capital‑light models
High free cash conversion and minimal reinvestment to grow.
High ROE/ROIC
Sustained returns on capital well above the cost of capital.
Reinvestment runway
Large, durable opportunities to deploy incremental capital.
I invest my own capital according to this framework and share notes publicly. Conversations with like‑minded long‑term owners are welcome.