“A bird in the hand is worth two in the bush.”

Our goal is simple - to grow capital sensibly over time while avoiding permanent loss. 

We don’t chase what’s working now or try to forecast markets. Instead, we focus on owning good businesses at fair prices and letting time do the compounding. 

The aim is to quietly build something durable - the kind of compounding machine that works while we sleep.

At BORA Capital, we think like owners, not traders. Our approach is grounded in independent research, rational analysis, and emotional discipline - qualities that matter far more than forecasts or complexity. We look for a small number of businesses that can compound intrinsic value over time, and we buy them only when they trade at a meaningful discount to that value.

We don’t chase market narratives. Instead, we study business models, industry structures, management incentives, and capital allocation with the same rigor a private buyer would apply before acquiring a company outright. If we can’t understand it, we pass.

Our portfolio is intentionally concentrated - typically 15 to 25 investments where we believe the odds are strongly in our favor. When the opportunity set is narrow, we hold cash. When mispricing appears, we act decisively. 

Time and patience are our greatest advantages.

We will occasionally pursue special situations and basket investments where the risk/reward is asymmetric - but the underlying philosophy remains unchanged: protect downside first, let compounding do the rest.

We judge success over rolling five-year periods, not quarters. Our edge lies not in predicting the next tick, but in staying rational when others can’t.

At BORA, our framework is simple but not easy. These are the ideas that guide every investment decision we make.

1. Margin of Safety
2. Alignment of Interests
3. Rational Temperament
4. Circle of Competence
5. Long-Term Ownership
6. Independent Thinking

We buy only when the odds are decisively in our favor - when the price offers a substantial discount to intrinsic value. This protects capital and amplifies returns over time. 

Our capital sits alongside our partners’ capital. We eat our own cooking. Every gain or loss we discuss in our letters is one we personally experience. 

The most important edge in investing isn’t intelligence - it’s temperament. We stay calm when others panic and patient when others rush. We would rather be roughly right for a decade than precisely wrong for a quarter. 

 We focus on what we understand. If we can’t explain in a few sentences how a business makes money and why it will endure, we move on. There’s no penalty for passing on an idea outside our circle. 

 We invest in businesses we’d be happy to own indefinitely. Our goal is to compound capital quietly, not to trade headlines or chase short-term performance.