Investing is most intelligent when it is most businesslike.”
A wise man uttered this phrase in 1949 and it was as relevant then as it is now, perhaps even more so.
This is the lense through which we conduct our principal investing operations, apart from special situations and short-term arbitrage opportunities, we acquire minority equity stakes in intrinsically undervalued publicly-listed businesses on an industry and geographical agnostic basis for the long-term.
The goal is simple, but not easy: Safety of principal and a satisfactory return that exceeds that which can be obtained from a completely passive index strategy.
| Year | Return | S&P 500 |
| 2025 | 49.6% | 17.7% |