Principles

The best investments often look wrong at first glance. Screens flag them as broken. Consensus avoids them. The work required to see past the surface is unglamorous and slow. That friction is the opportunity.

1. The filings are the record. Everything else is commentary.
2. Reported earnings are a starting point, not a conclusion. The work is in the normalization.
3. A balance sheet that can kill the thesis before value is realized is not a risk to manage — it is a reason to pass.
4. Governance is not a box to check. How management allocates capital matters as much as what they earn.
5. Concentration reflects conviction. If the work does not support a meaningful position, it does not support any position.
6. Patience is only a virtue when paired with evidence. Waiting without a thesis is not discipline — it is inertia.
7. Every position should have a falsification. If nothing could change the view, the view is not research — it is attachment.
8. Cash is a position. When the opportunity set is thin, the correct response is to do nothing.