Independent thinking, plainly written.
Our clients receive quarterly letters, thematic notes and educational essays. A selection is shared publicly below.
Signal in the noise: what a narrow market is telling us
The market's leadership has narrowed sharply in 2026. We examine what that concentration means for index-level valuations, why it demands more, not less, discipline from active investors, and how our portfolios are positioned.
READ THE LETTERIndia 2030: three tailwinds we are underwriting
Formalisation, financialisation and manufacturing renaissance — the durable themes shaping our five-year positioning.
What we look for in a great capital allocator
A framework for judging management teams, drawn from two decades of engagement with founder-led businesses.
When cash is a considered position
Holding cash is a decision, not a default. How we think about opportunity cost, dry powder and the cost of impatience.
All Published Intelligence
Navigating Global Market Volatility in 2026
Financial markets present dynamic opportunities. Strategic asset allocation and disciplined risk man...
Building a Tax-Efficient Investment Portfolio
Understanding tax-advantaged accounts and dividend strategies can significantly boost your net annua...
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Our partners meet a limited number of new clients each quarter. Introductions are unhurried, private, and without obligation.
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