About

I"ve been at this game of investing for just over 27 years. Needless to say, I didn"t get it right from the beginning (very few do).

At the "bulletproof" age of around 30 – I lost ~$200K during the dot.com crash. For someone who was very early into their investing career – it was a soul crushing amount of money. And whilst I did not recognise it at the time – the loss would prove to be enormously helpful.

I learned important (life-long) mistakes early in my investing career.

I fondly call them my "tuition fees". And as I navigated my way through the crisis of 2008/09 – and various downturns over the past ten years – I would continue to add more (investing) arrows to my quiver.

Over the past 9 years – my CAGR is 14.2% (vs the S&P 500 13.3%). Last year (2025) – my return was just under 16% (inline with the broader index).

I attribute this performance to five key things:

• eliminating any emotions and biases from my decision making;
• targeting high quality companies with strong (long term) returns on capital and free cash flow;
• always being far more concerned about what I could potentially lose vs what I could gain;
• decreasing my exposure when I feel valuations are excessive; and
• increasing my exposure when valuations are fair and reasonable

Sounds simple but it requires a lot of work and a contrarian mindset.

Three primary objectives I hope to offer you with this letter:

• Sharing the mental models which have worked for when making financial decisions;
• Focusing on long-term trends whilst eliminating short-term noise and misinformation; and
• Posing quality questions to help us challenge any widely held (investing) assumptions

Probabilities suggest your own interpretation of data will often not turn out the way we expect.