Investment Focus
Where we deploy capital
Bitcoin & Bitcoin-Related Companies
Hard Money · Long Duration
We hold bitcoin directly as a core treasury reserve asset. It is the scarcest monetary good ever engineered, secured by mathematics rather than promises. Our conviction is measured in decades, not cycles.
Around that core, we invest in the companies building bitcoin's financial layer, public and private alike: custody, mining and energy monetization, payments, and balance-sheet strategies. We favor operators with real cash flow, sound treasuries, and management teams who understand the asset they serve.
AI Infrastructure
Compute · Energy · Data Centers
Artificial intelligence is the largest industrial buildout since electrification, and it runs on physical inputs: semiconductors, power generation, transmission, cooling, and data-center capacity. We invest in that physical layer.
Rather than speculating on which model or application prevails, we own the infrastructure every outcome requires, through public equities and private ventures alike. These are the picks and shovels of the intelligence economy, where demand is structural and capacity is scarce.
Macro-Themed Value
Lindy Effect · Durable Cash Flows · Ballast
The third discipline is the oldest: owning what time has already tested. In public markets, our value arm invests in Lindy Effect businesses, companies that have endured a century or more, at sensible prices. We are guided by macro regime: rates, inflation, fiscal posture, and the long arc of monetary debasement.
We own publicly traded timber companies, gold streaming and royalty businesses, property & casualty insurers, and similar franchises whose longevity is itself the evidence. These positions are the ballast of the portfolio: they are intended to provide stability and liquidity, so the office is never a forced seller of what it believes in.
Portfolio Construction
The honeycomb
We arrange the portfolio as a honeycomb, a structure adapted from the work of Porter Stansberry and rebuilt around our own convictions. At the center sits bitcoin, the asset we hold with the deepest conviction and the longest horizon. Alongside it sits sound money in older forms: gold, held in bullion and through royalty companies rather than miners, because royalties earn what mining cannot, and timberland, which adds growth every year no matter what markets do.
Around that core we select a small number of industry groups with a long record of producing exceptional businesses, and we exclude the industries that structurally fail to earn an above average return on equity. Within each group we hold only a few positions, so the whole book stays concentrated enough to know deeply and small enough to watch closely.
The discipline that binds it together is correlation. Positions are chosen to move independently of one another, which lowers the volatility of the whole portfolio. Low volatility is what allows permanent capital to hold through drawdowns, to borrow sparingly against a depreciating dollar, and to act decisively when prices favor the patient.
Beneath the design is an old insight: economies move through seasons, and no one rings a bell at the turn. Some holdings are built for growth, some for inflation, some for winter. We hold insurers in place of bonds, because an underwriter with a bond portfolio can manage duration while a bond cannot. We let winners run, prune losers, and hold cash in proportion to how expensive the world has become.
Bitcoin at the core. Six durable industry groups. Concentrated positions, low pairwise correlation.
A Closed Office
These strategies are executed exclusively with proprietary family capital. We are not accepting outside capital.