Alignment is the whole strategy

People ask about our strategy as if it were a secret formula. The honest answer is that the formula is alignment, and the rest is detail.

We hold a meaningful part of our own wealth in exactly what our partners own. Same holdings, same terms, same wait. We gain when you gain, and we feel the losses where it counts. That single fact disciplines us more than any committee could.

It changes the question we ask ourselves. Not how do we look this year, but would we be comfortable owning this for a decade with our own money. We are, because we do. Most failures in this industry trace back to someone being paid to do something other than serve the client. We tried to remove the temptation by removing the gap.

The views above are the firm's own and are provided for information only. They are not investment advice, nor an offer or solicitation to invest. Capital at risk; the value of investments can go down as well as up, and past performance is not a guide to future results.