Pick the best sector in the market and you can still lose money if the founder is dishonest, or has no intent to create value for the people who own his stock. So we start with him, not the sector.
One strong name at the top is not enough. We study the organisation he has built, his appetite, the people he has put beside him. Only when the business, the founder and the team are all clear to us do we commit.
Hopping trends feels like winning. Twenty percent made here, twenty percent lost elsewhere, and the mind only counts the first. We would rather know a few businesses completely and commit to them with weight.
Years of scuttlebutt, deepening every year. The roots grow before the shoot.
Just like how Bamboo Grows
Research Spend
Year 1Year 2Year 3Year 4Year 5
When the crisis strikes
01
Second-order thinking.
Every shock clears out the operators cutting corners. The founder isn’t counting his loss. He’s counting the room that just opened up.
02
The business, not the screen.
The man running the business is steadier than the market. When the two disagree, we side with the business.
03
Strong positioning in niche.
We back defensible niches with thin competition. A shock doesn’t dislodge a business like that. It clears the field around it.
04
Supply-side dominance.
The business exits a bad year owning more of its market. That is why we hold heavily while the crowd sells.
