Our philosophy:

We believe disruption is healthy for the economy. It creates tremendous opportunities for wealth creation and re-distribution.

However, with tremendous opportunity comes upheaval, chaos, and unforeseen risks. Businesses with models acclimated to stable environments—and optimized around quarterly earnings—can easily become disadvantaged.

In contrast to many investment managers who shy away from potential uncertainty and risk, we fully embrace industries with large addressable markets being reshaped by disruptive forces.

Industry disruption has the potential to create a “land-grab” environment, leading to a higher probability of domination by a business or businesses with the best products and services. This is what we call the value proposition.

If identified early in the growth phase, these companies have the potential to substantially outperform expectations, ultimately providing superior long-term returns. We look to invest in opportunities like these and hold for the long term. We avoid, or even short businesses we believe lack innovation or adaptability.

For businesses in which we choose to invest, we always seek out visionary management who are competing for the long-run.

We believe many CEOs are overly focused on short-term metrics to please Wall Street analysts. This is problematic for long-term investors like ourselves. As a rule, we avoid investing in businesses that we believe sacrifice long-term innovation for short-term boosts in stock price.