The starting point is never one deal or one stock. We look at the broader picture first — at the forces shaping sectors, shifting trends and markets, generating and eroding value over time. And inward, at the specific — companies, segments, moments of dislocation that the broader lens might omit. The two approaches inform each other.
Once we have a view on the landscape, and have identified a space and the players within it worth following, we ask where a given business is going — its trajectory, its thesis, what it would look like over the medium term, typically up to five years out. That picture, set against the current perceived value, is where conviction is forged. We do not attempt to predict markets. We just try to be good at understanding businesses, and seeing beyond the obvious.
Beyond trajectory and value, we also look closely at what the business is built on — its core assets, the quality of its people, its intellectual property, its governance. These are not secondary considerations. They are often what determines whether a thesis plays out or doesn’t. When the analytical view and the qualitative assessment converge, we act.
Deployment is not the end of the work. Once invested, we track the thesis actively — monitoring how the business evolves against the view that informed our decision. On the public side, positions are built and exited gradually, in line with conviction. On the private side, the relationship deepens — we bring what we can to the companies we back, whether strategic perspective, relationships, or simply a considered and committed point of view. In both cases, we hold for as long as the thesis holds.