Investment Thesis

Time arbitrage. I invest for the long-term so that fundamentals can outperform headlines.

Concentrate to compound. To beat the market, hold max 10 positions. Know them better than anyone.

Indexes are fine. Exceptional businesses are finer. Buffett didn’t build Berkshire by hugging the S&P.

Reinvestment > dividends. Companies that share dividends or engage in buybacks often lack a clear understanding of how to utilize the money.

Moat or bust. I only buy durable advantages: switching costs, network effects, scale efficiencies, brand, regulation, IP, privileged distribution, or proprietary data.

Unit economics first. Cohorts, retention, payback, contribution margins. If the micro doesn’t work, the macro won’t save it.

Pricing power is king. If a company can raise price without losing customers, everything else gets easier.

Long runway required. Big, expanding TAM and clear avenues for reinvestment (new products, geographies, adjacencies).

Owner-operators win. I favor aligned incentives, insider ownership, smart capital allocation, and minimal dilution.

Balance sheet strength. Net cash (or low, well-termed debt) and no refinancing cliff in the next 24 - 36 months.

Real cash, not fairy dust. High FCF conversion and clean working-capital dynamics beat “adjusted” stories.

Execution quality, speed of iteration, and talent density show up in numbers, then in moats. Always pay attention to the company’s culture.

Strict sell (and resize) rules. I cut when the moat erodes, unit economics turn, or incentives rot. I add when the thesis strengthens and the execution confirms.

Process over prophecy. Written theses, analyses, and quarterly check-ins. Change my mind fast when facts change.