This manual for our partnership is a reference for how we approach business ownership together. ​It outlines how we invest, and how I align my success with yours.

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In the Partner’s Manual, you will discover:

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• The Alignment: Investing together, why you capture the economies of scale, and why I succeed only when you do.

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• The Edge: How we use temperament to outperform, and how the firm is structured to safeguard this advantage.

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• The Strategy: Why we run a single, concentrated, global equity strategy of our best ideas — investing bottom-up, embracing volatility, and targeting absolute returns.

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• The Framework: How I define quality businesses and owner-oriented management, distinguish good growth from bad, and manage risk through the pursuit of rationality and a margin of safety.

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• The Operations: How to invest, how we evaluate performance, our fees, and my commitment to transparency.