Public Markets

Listed Equities

We invest in public companies that think and act like private family businesses, focusing on generation-spanning durability.

How we think

We approach the stock market with the mindset of a business owner, not a trader. We look for that rare breed of public company where the management team is obsessed with the long term, where they treat shareholder capital with the same care as their own savings, and where the culture is built on integrity. When we find these businesses, we do not rent the stock for a quarter. We buy it to keep, allowing the power of compounding to do the heavy lifting over decades.

Investment Criteria

The 'Sleep Well' Standard

We only invest in businesses simple enough that we can fully understand them, and durable enough that we do not need to check the share price every day.

Skin in the Game

We prefer companies where the leadership team has significant personal wealth tied to the stock. We want partners who win when we win, and lose when we lose.

Quality over Bargains

We would rather pay a fair price for an exceptional business than a low price for a mediocre one. Quality is the best hedge against uncertainty.

Rational Capital Allocation

We look for management teams that are disciplined with cash, returning it to shareholders when they cannot reinvest it at high rates of return.

The 'Sleep Well' Standard

We only invest in businesses simple enough that we can fully understand them, and durable enough that we do not need to check the share price every day.

Skin in the Game

We prefer companies where the leadership team has significant personal wealth tied to the stock. We want partners who win when we win, and lose when we lose.

Quality over Bargains

We would rather pay a fair price for an exceptional business than a low price for a mediocre one. Quality is the best hedge against uncertainty.

Rational Capital Allocation

We look for management teams that are disciplined with cash, returning it to shareholders when they cannot reinvest it at high rates of return.

Our universe

We avoid the noise of the daily news cycle. We bypass speculative tech trends and cyclical commodities in favor of 'inevitable' businesses, companies that provide products or services that the world will still need twenty years from now.

Compounders & Holding Companies

Investment holding companies and conglomerates run by rational capital allocators who prioritize growth in value per share over building an empire.

Heritage Consumer Brands

Products with deep customer loyalty and history. We look for brands that have earned a permanent place in the consumer's mind, giving them the ability to endure inflation and changing times.

Regulated Utilities

Essential service providers like water and infrastructure networks. These assets offer inflation-protected returns and predictable dividends that support our wider portfolio.

The examples above are illustrative—not exhaustive. We work across a broad range of sectors and consider opportunities wherever we can create enduring value.