Insights

The transition to institutional mandates — what changes, what does not, and why the concentrated, long-term capital allocation philosophy stays the same.

A year without new long positions, and the case that market exuberance at the time was historically unusual.

The edges that did and did not matter in the first five years, and a more exacting standard for judgment and risk control.

The Qurate Retail mistake, and the reasoning behind the short book.

Crypto and speculative assets, a warning against market euphoria, and the case for disciplined, value-based capital allocation.

AerCap and Sallie Mae through the COVID crisis, and holding a concentrated portfolio through extreme volatility.

Introduces Philip Equities, its concentrated approach to capital allocation, and the case for backing a young, emerging manager.