Philosophy
Time arbitrage in plain English
Our only real edge isn't intelligence or information. It's a longer horizon.
Most edges in markets get competed away. Faster data. Cleverer models. Better access than ours. People with more of all three are arbitraging it daily, so we gave up trying to win those races a long time ago.
Patience is the one thing nobody is competing away. The average listed share now changes hands within months. Almost every other investor is under pressure to be right this quarter, if not this morning. That pressure misprices anything whose payoff arrives slowly.
The trade nobody wants
A business that will earn well in 2032 but disappoints in 2026 is, to most of the market, a 2026 problem. We are happy to own that problem if we are confident about 2032. That is the whole trade. It needs no genius. It needs the willingness to look wrong for a while, and partners who let us.
Time arbitrage sounds clever. In practice it is just refusing to sell something good because the price went down.
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.
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