We aim to find businesses with hard to replicate assets or business models and target long-term positions so as to benefit from uninterrupted compounding.

The key question we ask ourselves is how defensible are the returns on capital of the business and whether management can continue to invest at the same high returns. 

We put a high focus on companies run by talented management teams who show integrity and humility while treating their shareholders as partners. We believe this gets reflected in transparent accounting and a consistent ability to navigate challenges.