We don't chase deals. We develop convictions in public — letters, theses, signals — and let the deals find us. Research isn't a department here; it's the posture we operate from.
Every letter, every position, every conversation is a read on the world we're trying to act in. We don't outsource the thinking that drives our capital.
We publish what we believe, what we've changed our mind on, and why. The 2018–2025 letter archive is the audit trail — and the filter.
The best deals find us. We've built the brand to be a magnet for operators who want to work with us — not a pitch deck looking for capital.