"The greatest obstacle to discovery is not ignorance – it is the illusion of knowledge." — Daniel Boorstin

Systems Thinking in Capital Markets & Investing

Markets are complex adaptive systems—non-linear, interconnected, and sensitive to small changes. Succeeding requires research and tools, especially AI, to out-execute the rest of the pack. These advantages mean you can lead the transformation instead of waiting for it. Like the caterpillar, we focus on what things will become, not just what they are.

40+
Years Experience
2,000
Annual Company Looks
~200
Deeper Reviews
~20
Core Positions

Our Investment Framework

Four interconnected principles guide our research process and portfolio construction.

Fact-based Independent Research

From 2,000 annual reviews, ~20 investments represent 80%+ of capital. High conviction requires deep understanding.

Antifragile Design

Position sizes of 1-9%, diversified exposures, and limited shorts under 10% create resilience to non-linear events.

Pattern Recognition

Four decades in technology and investing enable us to recognize recurring patterns and regime changes that others miss.

Network Effects

Collaboration across disciplines surfaces insights that emerge from connecting disparate information sources.