The team

A dictionary could categorise us as freaks. A freak is defined as a person "who is obsessed with or unusually enthusiastic about a specified interest." With that definition as our starting point, we plead guilty. We are intensely passionate about a very nerdy subject: investing.

We thrive on trying to understand the deepest details of a company's business model. Its economics, its industry, its culture, its strengths, its weaknesses, its risks, its accounting, and the countless subtle forces that determine whether a business will still be thriving decades from now. In short, we have trained ourselves to understand what makes a business bad, good, or possibly even great. And, just as importantly, what could destroy it. 

We enjoy that investing sits at the educative intersection of accounting, strategy, finance, psychology, sociology, and much more. We don't see this as work. It's our passion. We love to study businesses and industries, continusouly learning and honing our skillset. We see ourselves as what Charlie Munger referred to as "learning machines".

We have been passionate about the puzzles of investing since we were teenagers. While our friends were out partying, we were reading annual reports, studying businesses, investing our own savings and learning - sometimes painfully - from our mistakes and successes in the stock market. That obsession never faded. It only deepened. And we have also had a beer or two along the way, don't worry =)

Through our careers, we have worked in corporations, asset managers, and family offices, always gravitating back to the same question: what makes a truly great business and even more importantly a truly great investment? Over the years, we have studied thousands of companies across hundreds of industries. We have spoken to executives, competitors, customers, former employees, industry experts and many more. And through all of that, we have developed a sharp - and admittedly narrow - filter for what belongs in our portfolio.

We are not interested in the latest trend, the hottest sector, or the fastest-growing startup. We are interested in businesses that have proven themselves over decades - sometimes over centuries - and that possess competitive advantages so durable that we can comfortably own them through recessions, crises, and whatever else the world decides to throws at us. When we find one of those rare businesses, we want to own it for a very long time.