Learning from Masters

We clone what works: Buffett's letters, Berkshire's track record, and the timeless principles of compounding wealth.

Standing on the Shoulders of Giants

We do not believe we have discovered new truths about investing. The principles that drive our approach have been articulated, tested, and validated over decades by investors whose track records speak for themselves. Our job is to understand those principles deeply and apply them with discipline.

Warren Buffett and Charlie Munger have produced the most compelling long-term investment record in history through the application of a set of principles that are publicly available in Buffett's annual letters to shareholders. We have read every one of those letters. We have studied Berkshire Hathaway's investments and the reasoning behind them. We have tried to internalize the mental models that explain their success.

What We Have Learned

From Buffett and Munger, we have drawn several foundational lessons:

• Price is what you pay, value is what you get. The quality of a business and the price you pay for it are equally important.
• The best investment is a wonderful company at a fair price, not a fair company at a wonderful price. Quality compounds; mediocrity does not.
• Time is the friend of the wonderful business, the enemy of the mediocre. Holding excellent businesses for long periods dramatically outperforms trading.
• Be fearful when others are greedy, and greedy when others are fearful. Market sentiment creates opportunities that disciplined investors can exploit.

Applying the Lessons

We apply these lessons not as abstract principles but as concrete frameworks that guide every investment decision. When we evaluate a business, we ask ourselves: would Buffett own this? What would he pay? What would make him sell?

These questions do not always yield the right answer, but they force the right discipline.