I look at companies through a long-term lens. When I invest in a new company, I go in with the mindset that I will own it forever (while recognizing that won’t come to fruition very often). I concentrate in high-quality companies and CEOs, and then I want little turnover in the portfolio.

A company is worth its future free cash flow discounted back to today. A discounted cash flow analysis shows that the majority of a company’s intrinsic value comes from the distant future (5-10+ years) as opposed to near-term results. If how a company will perform over many years is the majority of its worth today, then the durability of their competitive advantage is of paramount importance.

Because of this, my research is focused on how an industry may evolve over the next 5-10+ years and if the company’s competitive advantage can expand within that evolution. This is only possible if the CEO is focused on, and incentivized by, the long-term success of the company. More often than not, the CEO traits I look for are found in passionate founders who are internally driven to see their own business succeed.

Below are a few blog posts that go into more detail on some of the most important aspects of my investment philosophy. You can also sign up for my email distribution list to get notified of future shareholder letters and investment write-ups.

Contact