Insights & letters
We write more than we trade.
A standing record of how we think. Investor letters, notes on the market, the odd study of a business we own. 32 pieces so far.
On doing nothing, profitably
Why our busiest quarters are often the ones with no transactions at all.
Eleanor Vance · April 2026 · 5 min read Read the piece → The cost of a crowded trade
Why we keep walking away from the year's most obvious ideas.
Sofia Reinholt · 4 min read Companies · Oct 2025 Operators, not spreadsheets
How time spent on factory floors changes the questions we ask.
Marcus Idowu · 5 min read Philosophy · Sept 2025 Time arbitrage in plain English
Our only real edge isn't intelligence or information. It's a longer horizon.
Eleanor Vance · 4 min read Philosophy · Jul 2025 What eight years teaches you about a business
Our average holding period is over eight years. Here is what that actually buys.
Eleanor Vance · 4 min read Companies · Apr 2025 The quiet power of a boring invoice
The dull, repeat-billing businesses we like best, and why.
Marcus Idowu · 4 min read Philosophy · Feb 2025 Why we keep so much cash, and don't apologise for it
Cash is not a forecast. It is the freedom to act when prices fall.
Eleanor Vance · 4 min read Markets · Nov 2024 Reading the capital cycle
High returns pull in capital. The capital competes the returns away. We watch that.
Sofia Reinholt · 5 min read Letters · Sept 2024 A letter on patience
To our partners, on how uncomfortable it is to do the right thing slowly.
Eleanor Vance · 4 min read