Public Markets

Listed Equities

We own shares in public companies the way a private owner holds a business, with no plan to sell.

How we approach public markets

Most participants in the stock market are traders, even when they do not describe themselves that way. They buy stocks they expect to rise and sell them when they do, or when they fall further than expected. We approach public markets differently. We are looking for businesses worth owning indefinitely: companies with genuine competitive advantages, management teams who think like owners, and economics that compound capital at high rates over long periods. When we find them, we buy and hold. We do not buy on rumour. We do not sell on noise. We do not rebalance on a schedule.

Investment Criteria

Would We Buy the Whole Business?

We apply private ownership logic to public shares. If the price were right, would we acquire this company outright? If not, we have no business owning a fraction of it.

Management with Skin in the Game

We prefer companies where leadership carries significant personal wealth in the stock. We want partners who win when we win, and bear the consequences when we are wrong.

Genuine Pricing Power

The ability to raise prices is the best test of competitive advantage. Businesses that can charge more tomorrow than today, without losing customers, tend to compound equity value reliably over time.

Rational Capital Allocation

We look for management teams who are honest about their reinvestment opportunities. When they cannot deploy capital at high returns, they return it to shareholders rather than making acquisitions that flatter revenue but destroy value.

Would We Buy the Whole Business?

We apply private ownership logic to public shares. If the price were right, would we acquire this company outright? If not, we have no business owning a fraction of it.

Management with Skin in the Game

We prefer companies where leadership carries significant personal wealth in the stock. We want partners who win when we win, and bear the consequences when we are wrong.

Genuine Pricing Power

The ability to raise prices is the best test of competitive advantage. Businesses that can charge more tomorrow than today, without losing customers, tend to compound equity value reliably over time.

Rational Capital Allocation

What we own

We run a concentrated portfolio. We own fewer positions with higher conviction rather than diversifying into adequacy. Each holding must pass a simple test: if the stock exchange closed for five years tomorrow, would we be comfortable owning this business? If the honest answer is no, we do not own it.

Owner-Operated Compounders

Businesses run by founders or long-tenured management with meaningful personal capital in the stock. These operators tend to make the same decisions a private owner would: slowly, carefully, and with a long horizon.

Consumer Franchises with Pricing Power

Brands with genuine customer loyalty and the ability to raise prices ahead of inflation without losing customers. Pricing power is the clearest test of whether a competitive advantage is real.

Holding Companies & Capital Allocators

Conglomerates run by rational capital allocators who prioritize return on equity over revenue growth. When they cannot reinvest at high rates of return, they return cash to shareholders.

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