I
Time
The right position, held for a decade, is the one we are looking for. Most of our edge, to the extent we have one, comes from a willingness to wait while others cannot.
Average holding period11 years
Our principles describe a posture, not a constraint. They guide what we accept, what we decline, and the patience we are willing to apply to the things we choose.
They were drafted at the founding of the office, and have been revised only sparingly since.
The right position, held for a decade, is the one we are looking for. Most of our edge, to the extent we have one, comes from a willingness to wait while others cannot.
We hold deeply considered positions. Each is sized to matter on the family balance sheet, and each receives the attention that size demands.
We do not announce holdings, partners, or sizing. Discretion is something we owe the people who let us invest alongside them, and a service to those who will inherit the work.
There are no outside investors and no quarterly clients. Every incentive in this office points to the long-term interests of the family, and is governed accordingly.
We engage seriously with the ideas that may reshape industry, and accept that most will not. The few that do require patience the public markets are not built to provide.
“Where others measure quarters, we measure careers. Where others announce, we keep our counsel. The office is small because its work is patient.”