Approach
A deliberate process, applied consistently.
Whether the opportunity is an industrial building, an operating business, or an equity position, we work through the same disciplined sequence — proposed here as a draft process, to be confirmed as our formal methodology.
Understand the Opportunity
We start by understanding what is actually being offered, in plain terms, before any analysis begins.
Understand the Business or Asset
We study how the property, business, or company actually generates value, and what could threaten it.
Evaluate Risk
We ask what could go wrong before we ask what could go right, and size our exposure accordingly.
Consider Valuation
Price matters. Even a strong asset can be a poor investment at the wrong price.
Determine Appropriate Exposure
Position size reflects conviction, risk, and how the opportunity fits alongside our other holdings.
Maintain a Long-Term Perspective
Once capital is committed, we plan to hold through cycles rather than trade around short-term movements.
Continue to Evaluate
Our thinking on any holding is revisited as circumstances change, not set once and forgotten.
Questions