Simple ideas, held for a long time.
None of this is new. The hard part is sticking with it. These are the principles we come back to when deciding what to own and how to own it.
Keep costs low and keep it simple.
Fees, friction, and complexity add up quietly. We favor plain structures and plain arrangements that are easy to explain.
Diversify, then stay the course.
No single bet should be able to sink the whole. Once the mix is sensible, we leave it alone and let time do the work.
Own quality, and be patient with it.
We would rather own a good business at a fair price than a weak one at a bargain. Then we hold it, ideally for a very long time.
Stay inside what we understand.
If we cannot explain how something makes money in a few sentences, we pass. Saying no is part of the job.
Avoid the big mistakes first.
Steering clear of the obvious errors does more good than chasing the brilliant ones. We would rather be roughly right and still here.
Prepare, and show up every day.
Consistency beats flashes of brilliance. We do the homework, keep good records, and treat routine work as the real work.
Stay calm when it gets hard.
Markets swing and plans change. We try to meet pressure with a level head, good manners, and a long view.
Have a business, a building, or a deal worth a conversation?
Send a short note. If it looks like a fit, we will set up a time to talk.