How we invest.
A simple discipline, applied consistently.
The asset comes first.
We are indifferent to fashion and largely indifferent to sector. What matters is that the asset exists, that it can be quantified, and that a market recognises and prices it. Where those three conditions are met, we are prepared to look at almost anything. Where they are not, we do not invest — however compelling the narrative.
It exists.
A real, identifiable asset: a resource in the ground, a working technology, a legal right, a contract, a recognised instrument.
It is quantifiable.
Its value can be measured with evidence — reserves, revenue, usage, yield, price history, independent valuation.
It lives in a market.
There are buyers, sellers and a reference price. We can understand how value is realised, and how we could exit.
Five steps, every time.
- 1
Observe
We follow sectors continuously, not deal by deal. Opportunities are measured against what we already know.
- 2
Quantify
Every position starts with numbers: the asset, the market, the downside. We model scenarios, including the ones we hope never happen.
- 3
Verify
Independent due diligence on the asset, the counterparties and the legal structure. Provenance matters.
- 4
Commit
We take positions directly or through structured holdings, with clear rights and clean governance.
- 5
Hold and steward
We stay close to our holdings, support management where useful, and remain patient.
Forms of participation.
What we do not do.
- Assets that cannot be independently valued
- Structures we cannot explain in a sentence
- Counterparties who resist verification
- Short-term trading