The first decade

Ten years ago I started Northwind on a simple, slightly stubborn idea. A small amount of money, invested patiently in a few exceptional businesses, would beat a large amount invested anxiously in many. A decade in, I believe it more, not less.

Plenty has changed. We have partners on three continents now. We have come through a sovereign crisis and a long bull market and more "this time is different" arguments than I can count. We have made mistakes, written them down, and tried to make new ones rather than repeat the old.

What has not changed is the method. We still own a handful of businesses rather than a basket. We still hold for years, not quarters. We still write to you more than we trade, and we still keep our own money in the same things you own.

The next decade will test all of it again, in ways we cannot predict. We will respond the way we always have. Slowly, in writing, with your capital treated exactly as we treat our own. Thank you for the first ten years.

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.