We are
Rooted in Handful of Principles
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value of
Transparency
We have this simple Rule -
Provide the information that we would be seeking if our positions were reversed.
We provide you with the services we wish to have for ourselves and our own family.
“
We look for three things when we hire people. We look for intelligence, we look for initiative or energy, and we look for integrity. And if they don't have the latter, the first two will kill you, because if you're going to get someone without integrity, you want them lazy and dumb.”
Warren E. Buffett
Chairman and CEO of Berkshire Hathaway
value of
Intellectual Integrity
We take pride in our firm’s integrity with every client interaction we make.
“Honestly is the best policy,” Benjamin Franklin once remarked.
Reputation is the best asset to own in a long-lived life.
We promise you that you will always know the truth from us.
no matter how good, bad or unconventional they may be.
“
Never forget the six-foot-tall man who drowned crossing the stream that was five feet deep on average.”
Howard S. Marks
Co-Chairman of Oaktree Capital Management
value of
Preservation of Capital
The definition of risk to us is the permanent loss of capital and not the volatility around some mean. Elroy Dimson once said,
“Risk means more things can happen than will happen”
our primary focus is ensure preservation of capital and only then to seek reasonable absolute return from its deployment. In a prolonged market euphoria - which we have observed happening from time to time - this might mean returning your capital back to you than making mediocre investment decisions.
We do not take this lightly.
“
In the short run, the market is a voting machine but in the long run, it is a weighing machine.”
Benjamin Graham
Father of Value Investing
value of
Long-Term Outperformance
While all our energy, effort, and intelligence must go into perfecting the process in the short run - we believe that keeping the scorecard is mission-critical in the long run.
To outperform the crowd in the long run, by definition, one needs to take a different approach from the crowd
This might mean lots of volatility in the short-run. The goal is to achieve a satisfactory investment result in rolling five years in ‘absolute terms’. But if we flunk, we better let someone else score the goals for us.
“
I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up...”
Charles T. Munger
Vice Chairman of Berkshire Hathaway
value of
Continual Improvement
Knowledge is cumulative.
Long term investment outperformance is nothing more than a byproduct of compounded ‘both knowable and important’ knowledge layered on top of a vast range of mental models with lots of luck supporting it.
Much of Warren and Charlie’s success has flowed from allowing ample time to just sit, read, and think. That time will always be carved out as sacred for us.