We invest in a select group of exceptional businesses with durable competitive advantages, strong leadership, and the ability to compound value over time. This often means a focus on all 3 constituencies, Customers, Employees, and Shareholders. Typically, these businesses have exceptional culture that is driven by the founder or their family.

Our approach is rooted in timeless principles—buy wonderful businesses at fair prices and hold them patiently. True business investment. No trading. No speculation. Just intelligent ownership.

We practice time arbitrage—ignoring short-term noise to focus on long-term business value. By thinking like owners, not traders, we capitalize on opportunities others overlook.

From inception through 3/31/2025, the Long-Only version of TLF had risen 32.6% gross of fees and 28.7% net of all fees, compared to only 15.7% for the equal weight S&P 500. During this time the strategy also held significant levels of cash, potentially providing investors with enhanced mitigation of capital losses.

TLF is offered via SMA as opposed to a fund. This allows for a hedge fund-like strategy with none of the friction: no lockups, full transparency, direct ownership of securities, no performance fees. It’s hedge fund thinking with investor-friendly structure: lower fees and better alignment.

TLF is available in long-only or long/short formats, depending on the investor’s objectives and risk tolerance—allowing for thoughtful hedging when appropriate.