Independence of Thought

Financial markets are living, breathing entities that require dynamic reassessments. We seek to own a portfolio of our best ideas. We do not limit our universe of companies to any specific sector, style, or geography. We seek to invest where our research takes us.

Our framework is built on the convergence of demographics, technological innovation, and the long-term debt cycle. 

Each of these core pillars impacts the three building blocks of growth (productivity, labor, and capital) at both the macro (economy-wide) and micro (company-specific) levels. 

We have built our seven core themes around this framework: The Long Term Debt Cycle, Data-Centric World, The Modern Consumer, Industry 4.0, Digital Finance, Healthcare Redefined, and National Defense.

As students of economic history, we cannot ignore the long-term debt cycle. We believe the Western sovereign debt bubble is bursting. Recent inflation has threatened the low-interest rate environment, which subsequently threatens the very foundation of our financial system - an ever-increasing debt load. 

INVESTING IN INNOVATION

“We overestimate the impact of technology in the short term and underestimate the effect in the long run.”

-Amara's Law - Roy Amara - 1960's Stanford Computer Scientist

Amara's Law speaks to human's inability to grasp the power of exponential curves, which is a phenomenon we seek to exploit as investors. 

For example, in 1965, Intel Co-Founder Gordon Moore asserted the number of transistors per integrated circuit would double every year (Moore's Law). This has roughly held true since then, yet in 2005 it would have seemed unfathomable to sustain that pace of innovation. 

For Illustrative Purposes Only

All companies can be innovative. Modern technology comes in all shapes and sizes, transcending traditional sector boundaries. As investors, we seek to identify companies employing innovation to grow addressable markets, increase market share or develop new markets entirely.