Partners have mutual obligations to each other.

My obligation to investors is to do my very best on their behalf while doing business in an exceptional way, and consistently providing them with clear, timely communication on how their capital is being managed and how my investment process is being implemented. Ideal investors are those whose objectives are aligned with mine, who focus on evaluating process over short-term outcome and who, within reason, maintain a long-term time horizon. 

Alignment of Interests

Mutual, aligned interests at all levels defines my professional culture.

Alignment of my economic interests with those of investors is the best way to assure that my actions will always aim to advance the long-term interest of investors. Alignment must permeate all aspects of the investment operation, from the fee structure, to terms, to how success itself is defined.


Success is the safe compounding of investors’ capital at attractive long-term absolute rates that exceed their opportunity cost of comparable risk.

“Safe” means minimizing the risk of permanent capital loss. My approach is designed to protect capital ahead of reaching for extra returns.  “Attractive rates” refers to rates that are better than other generally available alternatives than can be obtained without sacrificing safety of principal. “Long-term” means over a full market cycle spanning 5-10 years that includes a recession, a recovery and a peak in both general economic and market conditions.

I focus on long-term results, rather than on trying to manage short-term volatility, and can add the most value when investors’ goals are aligned with that long-term time horizon.

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