Avoid permanent loss. Let compounding work.
A disciplined, business-first approach to capital.
It starts with the business.
The Chairman's process begins with the business itself: its competitive advantage, its unit economics, how it allocates capital, and how its management behaves "when nobody is watching the share price".
He builds his own views on cash flows, returns and downside risk. He then expresses them through concentrated listed positions and selective unlisted and pre-IPO investments.
In private deals
In unlisted investments he is particularly strict on governance, information quality and aligned incentives. As he puts it, these matter more "when there is no daily price to hide behind".
Restraint
He believes restraint, not brilliance, is the most underrated skill in investing. Holding, waiting or staying in cash are active choices.
“Most damage to long-term returns is self-inflicted, and most of it happens in a hurry.”From The Long View