FUND DESCRIPTION

  • Fee Structure:  Management Fee: 1% and 15% incentive fee.

  • Partnership Investing: I will invest alongside as your partner.  Nearly all my family’s net worth will be invested alongside the accounts of the partners.  I cannot promise superior results, but I can promise that my family’s financial well-being will move in lockstep with the performance of the partners.

  • Long-Term Investors: Although there is no hard lock-up, we look for partners who are willing to invest with a long-term horizon.  Short-term results are not the goal.

  • Concentration: I would be more than happy to invest an equal sum of money in 100 equally great companies with equally great outlooks.  Alas, some ideas are better than others and I will focus my investments on the best ideas. I have no magic portfolio number size, but I anticipate holding positions in under 15 companies.
  • Independence of Thought: I will not invest on the basis of what is popular, but where I find value.  Additionally, investment ideas are valuable in that they can be used over and over.
  • Personally Conduct the Research: I do not farm out the research or have layers of staff.  Instead, when an investment is made, I will have read the original source material and done the research myself.