This manual is the charter for how we approach business ownership together. ​It outlines how we invest, and how I align my success with yours.

​

In the Partner’s Manual, you will discover:

​

• Our alignment: investing together, why you capture the economies of scale, our economic goal, and why I succeed only when you do.

​

• Our edge and strategy: how we use a long-term temperament to outperform, how the firm is structured to protect it, and why we run a single, concentrated, unconstrained global equity strategy of our best ideas: investing bottom-up, targeting absolute returns, and embracing market volatility.

​

• The discipline: how I find exceptional businesses led by exemplary management with a wide margin of safety, the kinds of business I avoid, how I pursue rationality and manage risk.​​

​

• The operations: my commitment to transparency, how to evaluate my performance, how to invest with the firm, and fees.

​

• About: the convictions behind how the firm is built.