Concentrated Long-Term Return

Investment Strategy

The Concentrated Long-Term Return strategy consists of a “Best Ideas” portfolio of approximately 20-30 investments with the goal of protecting and growing wealth for those with long-term horizons. It relies on simple, common-sense, repeatable investment criteria that work in a world of rapid change and shorter innovation cycles.

The strategy favors companies with sustainable competitive advantages, who drive real advances in science and technology, have deep moats, and provide value to their customers; while avoiding companies facing disintermediation, whose market power is ephemeral or unearned, whose business isn’t easily understood, or whose success is dependent on outside events (highly regulated, or a derivative of another business). It seeks out contrarian investment theses with reasonable valuations, where upside potential exceeds downside risk, and typically targets a potential return of 100% over a 4-to-5-year time frame. Since 2005, this philosophy has led to a concentrated, low turnover, benchmark agnostic strategy that has achieved above average returns.