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
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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