Public markets
Duration, listed.
An independent public-markets book: patient ownership of high-quality businesses, bitcoin as monetary technology, and the power and infrastructure that both depend on.
The thesis
Invert the short clock.
The listed world is full of capable people producing average results. The horizon is the reason. When every book must keep pace with peers on a quarterly scorecard, any edge is copied and then gone. The advantage that does not crowd out is time.
We built this strategy in-house so the office could invert that pressure: hold cash-generative businesses as if we will still own them in a few years — because we might — and treat bitcoin as a technology whose design rewards the same patience.
The two compound. A long-duration equity book and a bitcoin reserve are not competing ideas. They are one low-time-preference, expressed in cash flows and in a monetary network.
01
Time horizon is the edge
Most listed capital is managed on someone else’s clock. Peers, benchmarks, and quarterly reporting compress the horizon until patience looks like a mistake. We underwrite on a multi-year clock and look through quarters that do not change the asset. Low time preference is the strategy, not a temperament.
02
Quality compounds
We look for businesses with a durable moat and high returns on capital, bought with a margin of safety. The logic is simple. It is rarely practiced, because it does not fit a twelve-month scorecard.
03
Bitcoin is a technology, not a trade
Bitcoin’s supply schedule encodes a long horizon. We treat it as a reserve asset and as a listed sector — miners, power, treasury vehicles — rather than as a headline. Where the underlying activity is commoditized, we prefer liquid public vehicles to opaque private operating risk.
04
Cash flow first. Then stack.
We concentrate on cash-generative businesses with conservative balance sheets. Surplus treasury can be held in bitcoin rather than idle fiat — only when liquidity covers obligations and the maturity calendar is clear. Conviction without a fortress liquidity position is just leverage by another name.
05
Power is the binding constraint
AI, industry, and electrification collide on the same scarce resource: reliable, affordable, sited power. Compute is plant. Utilities and grids are being asked to do work they were not paid to do a decade ago. We read listed markets through that bottleneck.
How we execute
High conviction. Risk-managed. Long-term.
High conviction
A short list of ideas we understand, sized as owners. Twenty names is not a strategy; it is an index with extra commentary.
Risk-managed
No near-term refinancing as a thesis. Enough liquidity to service what we owe. Drawdowns are expected; distress from the calendar is not.
Long-term focused
We do not require a story every quarter. More time is more compounding — in cash-flow businesses and in a monetary network that only tightens.