One strategy. No exceptions. Many asset managers launch multiple funds across styles, geographies, and themes, thus diluting focus and creating conflicts of interest. MIP will only ever run a single portfolio. Every ounce of intellectual energy goes into the same 10-14 companies that we own alongside you.

Our personal capital is invested alongside yours in the exact same portfolio. We own no stocks outside MIP. When we make a mistake, we feel the pain.

The typical active manager spends the majority of research time building the bull case - estimating upside, modelling growth scenarios, and pitching the opportunity. We invert this. The majority of our research effort is dedicated to destroying the investment thesis: understanding how the business could fail, what could erode competitive advantages, and what we might be missing. We use expert networks, competitors, customers, and former employees to stress-test every assumption. Only ideas we cannot kill survive into the portfolio.

The vast majority of active funds are measured against - and are afraid to deviate from - a benchmark index. Our portfolio looks nothing like the MSCI World, proven by our +99% active share.

Many active managers diversify across 50 holdings or more, effectively becoming a high-fee index fund following a "tracking error" margin. We concentrate in 10-14 companies we understand deeply. Every position matters.

We don't chase the new and exciting. While many managers rotate into whatever is fashionable - AI, defense, clean energy - we stay anchored in proven, predictable compounders with decades of track record. Our average company has operated for over a century.

Indices are good for certain investors, but our value proposition differ considerably from indices.

An index fund gives you a ticker symbol and a fact sheet. We offer a relationship - someone who knows your portfolio intimately, communicates openly, and is genuinely invested in the same outcome as you.

An index fund gives you the average return of all market participants, minus fees. It has no opinion on quality. It buys every company, regardless of whether it is wonderful or terrible. We believe careful selection of a few exceptional businesses can do better over the long term.

Index weighting is driven by market cap, meaning you automatically own the most of whatever has already gone up the most. This can lead to dangerous concentration in overvalued sectors (tech in 2000, banks in 2007, tech today) with no regard for fundamentals.

Our companies have strong balance sheets, durable competitive advantages in predictable industries and the ability to thrive in recessions. An index fund holds everything, including the fragile, the overleveraged, and the structurally declining. In a crisis, quality matters.