Private Company Focus

We believe that the true determinant of value is not in earnings, but instead in strong unit economics, operational efficiency and growth in existing or potential free cash flow. Establishing smooth earnings for the sake of pleasing short term investors is not something we believe in, and thus we favor the incentives and rewards given to private enterprises with long term visions.

Independence

An independent approach to funding and partnerships is essential as early stage companies develop, grow and innovate. We are not attached to any conglomerate. We recognize the importance of being independent and are careful to partner with companies that maintain this independence throughout their journey.

Stakeholder Engagement

We believe that investors should not be passive, but neither should they be active to the point of micro-managing. With each of our investments, we seek a level of active participation, and allow each of our companies to leverage off our existing relationships. We believe that the network effect combined with a long-term tactical approach achieves the best results.

Uncorrelated Exposure

We recognize that it is nearly impossible to achieve a perfectly uncorrelated portfolio; however with that said, we aim to achieve a level of uncorrelation amongst our investments. As our portfolio expands, there is a constant assessment of the portfolio’s correlation. We believe that having uncorrelated assets protects us from black swan events and even adds a layer of antifragility to our portfolio.

Diversification

Diversification is important to the extent that we can maintain focus on each of our portfolio companies. We do not diversify for the sake of diversification, but instead we select companies based on their fundamental values with the understanding that they may contribute to the performance of the overall portfolio.

Broad Asset Allocation

We seek value in many private asset classes, with a focus on tech enabled companies. Our investment focus is broad with a tactical approach to investment selection. We recognize that the market is not static, and neither is our approach.

Long Term Investment Horizon

We participate in early stage ventures with a long-term focus, and preferably those that are tech enabled. We recognize that short term fluctuations in value and pricing are meaningless, and we believe that being active investors means solving short-to-medium-term problems in order to achieve value creation in the long run. The choice to monetize is not determined by time, but instead determined when the time is right. We will monetize if there is a reason to do so, otherwise our investment horizon is forever. As Warren Buffett says “someone is sitting in the shade today because someone planted a tree a long time ago.”

Private Company Focus

We believe that the true determinant of value is not in earnings, but instead in strong unit economics, operational efficiency and strong existing or potential free cash flow, and the way management manages or plans to manage those free cash flows (whether the company is profitable or not). Establishing smooth earnings for the sake of pleasing short term investors is not something we believe in, and thus we favor the incentives and rewards given to strong private enterprises with long term visions. Being able to manage cash flow, reinvestments, and/or dividends with the goal of achieving long term returns is what we look for.

Long Term Investment Horizon

The core of our business is to participate in leading early stage ventures with a long term focus, and preferably those that are tech enabled. We recognize that short term fluctuations in value and pricing are meaningless, and we believe that being active investors means solving short-to-medium term problems in order to have significant value creation in the long run. Monetization is not determined by time, but instead determined when the time is right. We will monetize if there is a truly compelling reason to do so, otherwise our investment horizon is forever. As Warren Buffett says “someone is sitting in the shade today because someone planted a tree a long time ago.”

Uncorrelated Exposure

We recognize that it is nearly impossible to achieve a perfectly uncorrelated portfolio of assets; however with that said, we aim to achieve a level of strong un-correlation amongst our investments. As our portfolio expands, there is a constant assessment of the portfolio’s correlation. We believe that having uncorrelated assets protects us from black swan events and even adds a layer of antifragility to our portfolio.

Diversification

Diversification is important to the extent that we can maintain strong focus on each of our portfolio companies. We do not diversify for the sake of diversification, but instead we select companies based on their fundamental values and with the understanding that they may contribute to the entire portfolio’s correlation and diversification in a positive way.