Philosophy
Businesses, not stories.
A simple, demanding way to invest.
Approach
Where it starts.
His process starts with the business: its competitive advantage, its unit economics, how it allocates capital and how management behaves "when nobody is watching the share price".
He forms his own view on cash flows, returns and downside risk. He then acts through concentrated listed positions and selective unlisted and pre-IPO investments.
In private deals he is especially strict on governance, information quality and aligned incentives.
Principles
Three rules.
I
Avoid permanent loss
Protecting capital comes first.
II
Circle of competence
Invest only where you understand.
III
Let compounding work
Give good decisions time.
Most damage to long-term returns is self-inflicted, and most of it happens in a hurry.The discipline of doing nothing