Insights

Research & commentary.

Market notes, research, and letters to partners from the investment team. New work appears infrequently, by intent.

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The Patience Premium

Why conviction, not frequency, is the decisive edge in long-horizon portfolios — and why that edge has become rarer, not less valuable.

“Why conviction, not frequency, is the decisive edge in long-horizon portfolios — and why that edge has become rarer, not less valuable.”

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A framework for distinguishing durable mispricings from temporary disagreements. Three questions we ask of every position before it enters the book.