01

CONVICTION REQUIRES CHOICE.

A portfolio of five forces us to distinguish the exceptional from the merely interesting.

02

EVERY POSITION HAS TO MATTER.

At roughly 20% of the opening portfolio, no holding can hide - and no weak idea gets a token allocation.

03

FIVE CAN BE FOLLOWED DEEPLY.

We can track every earnings report, competitive shift, valuation change, and threat without reducing companies to ticker symbols.

04

SCARCITY CREATES COMPETITION.

A new company cannot simply be added to a growing list. To earn a seat, it must be more compelling than something already holding one.