We are a two-partner investment group. We put our own money into a small number of businesses we understand, and we hold them for a long time.
A handful of positions, sized to matter. Diversification is available elsewhere, in abundance.
It is our capital. Every decision is made by the people who bear its consequences.
We underwrite in years, not quarters. Nothing we own requires a narrative to work.
We invest in durable, unglamorous businesses — the kind that are still here in twenty years. Specifics are shared with counterparties, not the internet.
Amherst College. Lived in Tokyo. Reads footnotes first.
Amherst College. Lived in Tokyo. Answers the phone.
Partners and invited parties receive a full quarterly report — cash, portfolio, equity, and commentary — going back to 2020, plus a performance overview of the whole record since 2016. All of it lives in a secured portal, not on this page.
Sign in with your invited email address; a one-time code is sent to verify it. No passwords to remember, nothing to install.
We read everything and reply to most of it. If it concerns an existing investment, we reply the same day.