The Economic Moat as a Core Investment Thesis
In this briefing, we explore the microeconomic principles of competitive advantage, outlining how to identify enduring economic moats.
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Intelligence Archive
Selected market perspectives and public briefings.
The Patience Premium — Time Arbitrage as a Durable Edge
Most market participants compete on information and speed. We compete on time horizon — the last durable advantage available to the disciplined investor.
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A Letter from Manchester — Investing Away from the Noise
Why we manage capital from a village in Vermont rather than a tower in Manhattan, and what distance from the consensus is actually worth.
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