Investment Strategy
I run a concentrated portfolio of quality businesses — currently around eight positions — with a cash reserve. I'm never afraid to hold. No leverage, no options, no day trading. Just companies I understand, bought at prices I can defend, held for as long as the thesis stays true.
What I look for
Every position in the portfolio has to answer three questions:
- Why this price - A good company at the wrong price is a bad investment. I want a reason the market is offering it cheaper than it's worth.
- Owner earnings analysis — going beyond reported GAAP figures to estimate true cash-generating power.
- Intrinsic valuation — building conservative estimates of business value.
- Long-term business quality — durable competitive advantages, capital allocation discipline, and management integrity
- A watchlist-driven process — maintaining continuous coverage of 30+ companies across sectors, tracking earnings, valuations, and business developments
Diversification without dilution
I don't own 50 stocks to feel safe. I own a handful across different industries — technology, financials, healthcare, consumer, insurance, housing — so no single theme can sink the portfolio, but every position is still large enough to matter.
Cash is a position
When I can't find anything worth buying, I don't force it. Holding cash costs me nothing but patience, and it's the reason I can buy when others have to sell.
Keeping score honestly
Everything is measured against the S&P 500 — time-weighted, so deposits never flatter the numbers. If I can't beat the index over time, you'll see that here too. That's the point of the site.