If you really want to know what we do, you should just ask.
We deploy patient, principal capital guided by a perpetual charter—and we prefer a genuine conversation over public noise.
Operating Tenets & Collected Maxims
“The big money is not in the buying and selling, but in the waiting.”
“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”
“Be fearful when others are greedy, and greedy only when others are fearful.”
“The difference between successful people and really successful people is that really successful people say no to almost everything.”
“Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win.”
“In the midst of chaos, there is also opportunity.”
“Know what you own, and know why you own it.”
“Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.”
“Simplicity is the ultimate sophistication.”
“Don’t tell me what you think, tell me what you have in your portfolio.”
“Play long-term games with long-term people. All returns in life come from compound interest.”
“It is not that we have a short space of time, but that we waste much of it.”
Charter Foundations
“Each of you is a shepherd, and each of you will be asked about his flock.”
“Render trusts to whom they are due, and when you judge between people, judge with fairness.”
“Like a seed of grain which grows seven spikes; in each spike is a hundred grains.”