Perspectives

Notes on patient ownership.

Occasional essays on how we think about long-horizon ownership, governance and the discipline of public transparency. No forecasts, no solicitation.

On patient capital, and what it is not.

Permanent capital is a posture, not a slogan. It changes what you can promise the companies you own.

A holding company that discloses its participations is easier to bank, easier to diligence, and harder to misread.