Long-duration capital. Yours, specifically.

We hold a few companies for a decade or longer, funded entirely by clients. Our personal exposure is zero, which keeps the mind remarkably clear.

Above the weather, where the losses cannot reach.

Most investment outcomes are decided by what one is able to ignore. We have arranged to be able to ignore everything. No partner capital, no personal exposure, no reason to lose sleep. Gains are shared. Losses are, in full, the client's — we simply hold the umbrella.

Altitude, stillness, and your money.

We write our reasoning down before we buy, and revisit it only when the facts change — never the price, and certainly never your account balance, which we check quarterly, out of politeness.

Two partners. Two time horizons.

One partner holds for decades; the other, until Friday. Between them, your money is never bored. Neither invests a cent of his own — alignment is a lovely idea, but we prefer sleep.

Where we spend your money.

Sector-agnostic in principle; in practice our understanding concentrates in a handful of areas. Our own capital concentrates in none of them, since there isn't any.

We read everything, and reply slowly.

We accept outside capital, and only outside capital. Minimums are high, lock-ups are long, and the downside is entirely yours. Wire instructions are available on request. Refund instructions are not.