Our portfolio typically consists of 10-20 companies selected through thoughtful and independent research

Meet our team here.

Upon identifying an attractive investment prospect, we follow a defined approach focused on disproving the opportunity. A prospect that maintains its appeal continues to move through the process.


Our process begins with a conservative, quantitative analysis to determine potential for permanent loss of capital followed by a quantitative analysis to assess upside. Our investment decision is based on a thorough, detailed analysis of intrinsic value.


We seek ideas in unloved and under followed pockets of the market. Our portfolio companies are usually unknown or misunderstood businesses we’re willing to own for years.



We take a private equity-like approach to diligence. Our process includes both quantitative and qualitative analysis and results in a detailed written thesis and investment checklist.



We strive to limit risk of permanent loss of capital by owning companies with strong balance sheets and attractive compounding potential.



Limited portfolio turnover results in low transaction costs and high tax efficiency.