Notes on judgment, patience, and business ownership.

Principle 01

Business Owners, Not Traders

We invest in businesses, not tickers. The work begins with ownership mentality, intrinsic value, and the patience to let time do its job.

Principle 02

Margin of Safety

Capital is deployed only when there is a large gap between price and value. Price is not separate from risk; it is part of the underwriting.

Principle 03

Patience and Temperament

Patience and temperament matter more than activity. Quiet periods are acceptable when there is nothing attractive to do.