Twelve convictions, held expensively.
What follows is the firm's standing document. It is reviewed quarterly by the partnership, ignored daily by the market, and validated, on average, every eighteen months.
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01
We were told to build the future. We chose, instead, to underwrite it.
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02
The market is not a mechanism. It is a mood.
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03
Convenience compounds. So do its second-order effects. We invest in both.
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04
A product is the visible fragment of a much larger dependency.
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05
We do not predict inevitabilities. We accelerate their depreciation schedule.
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06
Every recurring revenue line is a quiet act of trust transfer.
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07
Brand is balance sheet. Taste is a hedge against commoditization.
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08
We are bullish on solitude, fluent in attention, and long on resignation.
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09
The org chart is a prompt. Management is a legacy interface.
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10
We respect founders who can describe their company in one sentence and their moat in none.
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11
We hold ten-year positions in twenty-year inevitabilities.
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12
Capital is a moral document. Ours is being notarized in real time.