Category: Investing Philosophy
-
From great business to great investment
The Quality Series · part 3 of 13 Why does linearity matter? Because it is the first link in a chain. A great business and a great investment are not the same thing, and the journey from one to the other has five links. I think about them in this order. Linearity. A world-class business…
-
Same five years, very different businesses
The Quality Series · part 2 of 13 Here is a comparison I keep coming back to. Two companies each take their free cash flow per share from one to two over five years. Same starting point, same end point, same growth on paper. The first gets there steadily, a little more each year. The…
-
The whole idea, in one line
The Quality Series · part 1 of 13 People sometimes ask me, usually over dinner, what I actually do. The honest answer fits in one line: own shares in a small number of the finest businesses in the world, refuse to overpay for them, and have the patience to let compounding do the work. Each…
-
The Most Patient Capital in the World
A sovereign wealth fund is structurally the closest thing on earth to Berkshire Hathaway — permanent capital, no redemptions, a generational horizon. So why does almost none of that capital behave that way?