Capital preservation precedes capital appreciation.
Avoiding permanent impairment of capital is central to long-term compounding.
INVESTMENT PHILOSOPHY
Long-term thinking in a short-term market.
A disciplined process matters more than a prediction about what happens next.
Price and value are rarely the same.
Volatility can create opportunity when business value and market price diverge.
Quality needs a sensible price.
A great business can still become a poor investment if expectations embedded in the price are excessive.
Concentration should follow understanding.
Position size should reflect conviction, downside risk and the depth of research—not excitement.
Cash is a position.
Being fully invested is not an objective. Optionality has value when attractive opportunities are scarce.
Measure in years, not quarters.
The investment process should be judged across complete cycles rather than isolated short periods.
Investing with conviction.
Measuring with discipline.
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