Our views are formed by our own research, not by consensus.
Independence is not contrarianism. It is the discipline of reaching a view from the evidence and holding it until the evidence changes.
Agreement with the market is not a reason to invest, and disagreement is not a reason to avoid one. The work decides.
We are not tied to a mandate that forces us to own something, so we can wait until an opportunity actually meets our standard.
We form a view before we look at what others think, then test it against the strongest opposing case.
When we are wrong, we want to know quickly and say so plainly.
We welcome conversations with founders, investors, operators, and counterparties working on interesting opportunities.
