We begin every idea with the financials. Careful review of income statements, balance sheets, and cash flow statements allows us to uncover the real drivers of performance. Beyond earnings, we dig into margins, leverage, liquidity, and free cash flow to assess a company’s financial health and resilience across market cycles.

A company’s performance is shaped by the playing field it competes in. We evaluate industry growth drivers, competitive threats, and market dynamics to determine where a company stands. This means looking at barriers to entry, pricing power, and secular trends that could amplify or erode long-term value.

Numbers tell part of the story, leadership tells the rest. We examine management’s track record of capital allocation, execution, and shareholder alignment. Strong management teams demonstrate discipline, transparency, and the ability to adapt in changing environments. Weak leadership, by contrast, can erode value even in attractive industries.

Attractive businesses can still be poor investments if bought at the wrong price. We apply conservative valuation methods, from discounted cash flow (DCF) models to relative multiples with built-in margins of safety. Our focus is on risk-adjusted returns, ensuring that ideas aren’t just compelling in theory, but in also practice.