INVESTMENT PHILOSOPHY

Patience, conviction, and the discipline to act only when reason dictates.

We do not aim to generate interest-like income with our investors' capital, nor to target a reasonable, sustainable, steady stream of returns. We want our investors to understand that we are searching for alpha — that this can take time, that it carries risk, and that once we believe we have found it, the market must be given the time it needs to recognize it after we do.

This is the single most important quality behind our competitive advantage.

Core Principles

  1. Long-Term Ownership

    We invest with the intention of holding for years, not months. Our best returns have come from businesses we were willing to own through uncertainty, because we understood their underlying value with clarity.

  2. Business Quality Over Market Noise

    We focus on the few variables that matter: durable competitive advantages, quality of management, return on invested capital, and the ability to reinvest earnings at attractive rates. Everything else is noise.

  3. Margin of Safety

    We only invest when the price we pay provides a meaningful discount to our estimate of intrinsic value. This margin protects us from errors in judgment and unforeseen events.

  4. Concentrated Conviction

    Diversification is protection against ignorance. When we develop genuine conviction in a business, we are willing to allocate meaningfully — not spread thin across dozens of half-understood positions.

  5. Intellectual Independence

    We form our views through original research and first-principles thinking, not by following the crowd. The market's opinion is often wrong — our job is to know when and why.

  6. Temperamental Discipline

    The greatest edge in investing is not intelligence — it is temperament. The ability to remain patient when others panic, and cautious when others are euphoric, is the foundation of lasting returns.

"The good news is: everything looks terrible."

— Aşkın Ataş

Intellectual Influences

Our investment framework is shaped by the enduring wisdom of value investing's greatest practitioners: Benjamin Graham's margin of safety, Warren Buffett's focus on business quality, Charlie Munger's multi-disciplinary thinking, and Nick Sleep's affinity for concentrated portfolios.