Philosophy
Our approach borrows a page from the way durable institutions manage endowments: a large, dependable core that does the real work of compounding, and a small, strictly-capped satellite for research and new ideas. The core is the engine of the family's wealth; the satellite is a place to learn, never a place to gamble the foundation.
The ladder
Capital is not one pool — it is several, each matched to when it is needed. The longer the horizon, the more patient (and more growth-oriented) the posture. Money glides down the ladder over the years, and the reserve is always filled first.
Principles
The safety net is full before any capital takes risk, and the research effort is funded last of all.
Low-cost, global, and unglamorous. Concentration is a bet; diversification is a plan.
We trim and add on pre-set thresholds — mechanically — so decisions aren't made in fear or greed.
Every new idea faces hard, out-of-sample evidence. Most are discarded. That is the point.
The research sleeve is strictly limited as a share of the whole — small enough to lose entirely and change nothing.
The core's greatest advantage is that we leave it alone. Boring, compounded for decades, wins.